- MKR’s price broke long-term resistance showing that bulls are making a comeback.
- Maker price still trades below the key 50-day EMA level.
Maker price has shifted to a bullish trend suggesting that recovery might continue in the coming days. It breaks out from a descending channel range, which showed the initial signs of a bullish trend reversal.
MKR price recovered roughly around 30% from the current swing low. It indicates that the short-term trend is in the upward direction. The buying volume in the Maker token is rising and prices follow a similar direction. It demonstrates bulls might have taken a long position.
At the time of writing, the Maker price is trading at $1,095.86 with an intraday surge of 9.6%. The 24-hour volume-to-market cap ratio is 13.76% and the market cap stands at $915.04 million.
According to CoinMarketCap, in the last 7 days, the MKR price is up by almost 11.62% indicating buyers are active. In Dec 2024 the price touched a high of $2,427 after which it began trading in a descending channel pattern.
Recently the price bounced from the $832 mark and broke out from a bearish pattern showing a bullish price trend.
Will Maker Price Break the 50-Day EMA Curve?
Maker price analysis favors the bulls indicating a rise in the short term. Bulls seem to be more active as compared to bears. Therefore, the recovery looks trustworthy, and active buying is also possible.
However, if it faces resistance from the 50 EMA level then the Maker price might drop below $1000. But if it breaks the 50 EMA mark traders might witness a new bullish rally. The technical analysis indicates that at present, buyers are active, and the probability of a 50 EMA breakout remains high.
Moreover, the RSI indicators also suggest a bullish move in the Maker price. The RSI curve was trading above the median line at 52.44 and heading in the upward direction.
At present, the Maker price has a support of $832.64 and faces resistance at the $1,198.62.
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