MKR Price Is Bullish; Will It Reach $4000 Hurdle This Month

• The Maker price has surged by 40% in less than 2 weeks.
• The MKR token price triggered a breakout from the falling wedge pattern and performed well.

Since 2023, the MKR price chart has displayed strong buying momentum. The token price reached a 52-week high during this period in the first week of April. The bullish trend has interrupted near the $4000 hurdle but failed to sustain.

From the beginning of April, the Maker token price has displayed a bearish trend, which might be due to the larger scale of profit booking. During this bearish momentum, the price dropped below the key moving averages.

However, buyers managed to lift the price over the key moving averages in the second week of July. After the breakout from the 200-day EMA, the MKR crypto price witnessed intense buying pressure.

Based on the chart structure, the Maker crypto price chart displayed wick rejection from the $2200 hurdle. Sellers have struggled for more than 2 weeks to drag the MKR price down. However, buyers stood firmly and won the battle.

Technical Analysis of MKR Price on a 1-D Timeframe

The Maker token price traded at $2894 at press time after a 1.28% surge in the past 24 hours. The market capitalization was $2.69 Billion, and the trading volume was $126.27 Million.

On a daily time frame, the Maker crypto chart witnessed strong buying pressure after the breakout from the falling wedge pattern. During this buying momentum, the price declined by 8% on July 17. However, sellers did not seem interested in dragging down the price.

Buying pressure can be initiated if buyers defend the $2900 mark. The involvement of buyers may lead to a pullback, and strong buying pressure might be seen after the pullback.

On the other hand, if the MKR price fails to trigger a pullback, sellers may get the opportunity to initiate short positions. Investors may prefer to book profit if the price starts trading below the 200-day EMA. It may result in strong selling pressure.

According to the technical indicators, the MKR price has exceeded the key moving averages, showcasing the bullish trend. The RSI has formed a bullish divergence and rapidly recovered from the oversold zone.

Will the MKR Price Keep Surging?

Based on the technical analysis of the MKR price in a 1-D timeframe, strong buying pressure was evident, and a bullish trend was apparent. The breakout from the falling wedge pattern led to a price surge. Despite some fluctuations, the buyers showed resilience. 

The involvement of buyers may lead to a pullback followed by strong buying pressure. However, if the price fails to trigger a pullback and starts trading below the 200-day EMA, it could result in strong selling pressure. 

Essentially, the technical indicators and chart structure indicate a bullish trend for the MKR price.

Technical Levels

Maker crypto price can face resistance from the $3170 and $4000 levels. It may take support at the $2650 and $2100 levels.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.