Highlights
- MKR Coin breaks critical resistance level $1200 last week, signalling a breakout from the downtrend that began back in June.
- In the near term, MKR’s future resistance is at $1500, with a breakout possibility to the $1800 price zone. A key support level is around $1000.
- The recent price breakout can also be attributed to renewed interest from institutional buyers, since the 7-day whale transaction volume is a recent high.
- The RSI is also approaching overbought territory, which indicates a short-term pullback could happen before another price breakout soon after.
MKR’s Price Action: Key Support & Resistance Levels to Watch
Maker (MKR) has experienced a remarkable bullish momentum, surging approximately 27% in the past month while breaking through the key $1200 resistance zone. The price shows a lot of bullish pressure, however, MKR needs to keep that buying pressure built to move closer to $1500.
Key Resistance – $1500, if bullish pressure continues and this price point is breached, MKR could move to $1800 quite quickly.
Critical Support – If this price point fails to hold, we can see considerable support in the $1000 zone.
Relative Strength Index (RSI) of Maker is also at 68, implying overbought territory, ultimately leading to a potential for some level of short-term consolidation.
Currently, MKR is priced at $1,320, and the on-chain data suggests:
– 21.25% of holders are in profit, showing that investor sentiment is growing.
– 57.06% of holders are at breakeven, indicating that this may create a supply squeeze as holders wait to make a profit.
– An increase in large transactions has culminated in whale transactions hitting a 7-day high of 36. This indicates institutional interest in the token.
– Historically, the token may face resistance from $1400-$1500, and many of the holders will likely take profit. Conversely, there is key support at $1000–$1200, which could lead to accumulation.
– Since the majority of holders are currently in profit or breakeven, the on-chain data indicates less sell pressure, which may lead to further upside potential.
Can MKR Regain Bullish Momentum?
The recovery of MKR’s bullish momentum comes down to the $1500 resistance level; breaking this area of resistance could lead to a push higher to $1800. On-chain data support the idea of demand with whale activity at a 7-day high.
This lets us know that there is a demand at around the $1500 resistance level and the potential for a bullish move if it were to break.
Although the RSI is at a near-overbought level of 68 and we could see price action pull back if it cannot sustain upside momentum. Traders should remember that $1320 is an important zone to hold, and if it fails, could lead to a retest at $1000, which would be a strong area to accumulate MKR.
A confirmed bullish move above the $1500 resistance with high volume will lead to even more confirmation of bullish price action.
