Producer (MKR) is currently bullish with a 7% gain, putting it ahead of a critical test of resistance at $2,662. This rally reflects growing bullishness as key technical indicators suggest the cryptocurrency could be on the verge of a significant breakout. With the market turning green, Maker price is expected to maintain this momentum and break through the $2,662 resistance level, potentially setting the stage for further gains.
This article aims to provide a clear understanding of the potential price of Maker trajectory analyzing recent price changes, examining technical indicators and assessing the significance of the resistance level at $2662.
In the last 24 hours, Maker is up 7.01% to around $2,133, with a market capitalization of over $1.9 billion and trading volume of over $114 million at the time of writing. Maker’s market capitalization increased by 7.14% and trading volume increased by 66.30%.
Understanding 7% Growth: What’s Driving Maker’s Momentum?
Currently, the Maker price on the hourly chart is bullish and is approaching the 100-day basic moving average (SMA) and the $2,662 level. The digital asset has been in an upward spiral since failing to break through the key $1,731 level, indicating that bulls are taking control of the market and could push the price higher.
Additionally, the analysis of the 1-hour Relative Strength Index (RSI) shows that the indicator’s signal line has risen above 50% towards 70%, which suggests that buying pressure is increasing significantly and the asset may show further upward movements.
On the 4-hour chart, even though Maker is still trading below the 100-day SMA, one can observe that the crypto asset is trying to make an upside move towards the 100-day SMA by printing two bullish momentum candles.
After the bounce at $1,731, Maker showed bullish resilience by maintaining momentum above that level. With the latter bullish moodThe digital asset may continue to rally towards the $2662 resistance level.
Finally, on the 4-hour chart, the RSI indicator is also pointing to increasing bullish momentum for the cryptocurrency as the RSI signal line has left the overbought zone and is currently heading towards the 50% level.
$2,662 Surpassed: What This Could Mean for Maker’s Future
If the bulls manage to maintain their strength in the market, Maker price will continue to rise towards the resistance at $2662. If the price breaks and closes above $2662, it could continue to rise towards the next resistance at $3222 and possibly other levels.
However, if Maker changes direction at the resistance level of $2662, it will start falling towards the previous one support $1731 range. Once the price breaks through this support range, it could be a signal of a deeper downtrend leading to further price declines towards other lower levels.
Featured image from Adobe Stock, chart from Tradingview.com
