the price has been displaying optimism at higher level
Fueled by nearly 18% in the last 72 hours, Maker (MKR) highlighted strong bullish momentum. Ranked 39th on Coinamrketcap, this crypto has a $2.325 Billion market cap and $112.133 Million 24-hour trading volume. The volume has witnessed a 34.41% surge, and the market cap surged 6.71%.
The Volume-to-market cap ratio signifies moderate liquidity, and its 92.35% circulation is out in the market from the total supply of 977,666 MKR.
The MKR trades above the long-term 200-day EMA and approaches the 50-day EMA to cut from below and propel upwards. Meanwhile, the RSI flashed at 53.10, which has taken a jump from 14-SMA, and MACD shows a growing histogram at 28.17, with a bullish cross. Overall the technical indicators are pointing towards the anticipation of a massive move coming in the future sessions.
As per the Maker (MKR) price structure on daily, the price rose more than 200% abruptly from December 20th, 2023, to March 31st, 2024, from $1200 to $4087, respectively.
However, the trend was violated due to the bears' dominance increasing, which led the MKR price to deteriorate in a falling wedge. After falling, the range narrowed and dropped to form a support at $2098 by June 24th, 2024.
In the last few days, the price has been displaying optimism at higher levels, and the price looks very close to breaking out of the falling wedge.
Therefore, if the price manages to break out of the wedge, then the price could propel and capture lost territories back, and resistance would be $2800 and $3100. However, if the Maker (MKR) fails below the $2098 price mark, then bears could eye for $1800 and $1600.
The Volume-to-market cap ratio signifies moderate liquidity, and its 92.35% circulation is out in the market from the total supply of 977,666 MKR.
The MKR trades above the long-term 200-day EMA and approaches the 50-day EMA to cut from below and propel upwards. Meanwhile, the RSI flashed at 53.10, which has taken a jump from 14-SMA, and MACD shows a growing histogram at 28.17, with a bullish cross. Overall the technical indicators are pointing towards the anticipation of a massive move coming in the future sessions.
As per the Maker (MKR) price structure on daily, the price rose more than 200% abruptly from December 20th, 2023, to March 31st, 2024, from $1200 to $4087, respectively.
However, the trend was violated due to the bears' dominance increasing, which led the MKR price to deteriorate in a falling wedge. After falling, the range narrowed and dropped to form a support at $2098 by June 24th, 2024.
In the last few days, the price has been displaying optimism at higher levels, and the price looks very close to breaking out of the falling wedge.
Therefore, if the price manages to break out of the wedge, then the price could propel and capture lost territories back, and resistance would be $2800 and $3100. However, if the Maker (MKR) fails below the $2098 price mark, then bears could eye for $1800 and $1600.
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