MKR Price Is Bullish: Could It Extend To $4000 Mark Next Week

• The Maker price has taken support on the 20-day EMA and showed bullishness.
• MKR crypto’s price has surged 36% in less than 2 weeks.

Based on the technical chart, the MKR price has triggered a breakout from the falling wedge pattern. After a bullish momentum, the price has retested the 20-day EMA and rose by 5.72% in an intraday session. 

As per the chart structure, the digital asset price has dropped by taking support on a trendline. At the beginning of July, the price supported the trendline by forming a hammer pattern. 

After taking support, the price has witnessed strong buying pressure of more than 35% in a few weeks.

At press time, the Maker crypto was traded at $2781.11, which dropped by 1.32% in the past 24 hours. The market capitalization was $2.58 Billion, and the 24-hour trading volume was $123.54 Million at the time of writing. 

The circulating supply was 977,631 MRK, and the fully diluted market cap was $2.79 Billion.

Upmove Awaited in MKR Crypto?

A source on X claimed that the Maker price was at the crucial support level. The price triggered a pullback by taking support on the 20-day EMA, and a big upmove was expected at press time. 

$MKR looks quite good for a move up pic.twitter.com/HBdkpqqX8q

— Impulse (@Impulse606) July 23, 2024

Is It a Good Setup for a Bullish Move?

A source on X suggested that the price forms a round bottom pattern. Strong buying momentum can be expected if the price manages to defend the major support level of $2650.00.

$mkr set up pic.twitter.com/KeiJcgmcc7

— Bulltardio (@Bushitrades) July 23, 2024

Technical Analysis of MKR on 1-D Timeframe

On a daily time frame, the Maker crypto price has formed a flag and pole pattern and triggered a breakout. The price has retested the 20-day EMA and generated a pullback that might attract buyers.

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Buyers may dominate if the digital asset price defends the 20-day EMA. If the price overcomes the psychological level of $3000, strong buying pressure can be anticipated for a longer time.

On the other hand, buyers might panic if the price fails to defend the 20-day EMA. The price below a 20-day EMA could attract sellers, which may lead to a bearish momentum. 

Most investors might prefer to book profit if the price starts trading below the 200-day EMA. This may result in strong selling pressure.

Based on the technical indicators, the MKR price has surpassed the key moving averages, which indicates a bullish forecast. 

RSI is 54 and has extended to the overbought zone. It has developed a bullish divergence, indicating bulls’ domination.

Bullish Momentum Ahead?

MKR cryptocurrency is currently exhibiting bullish signs. The price has shown strength by taking support on the 20-day EMA and triggering a breakout from the falling wedge pattern. 

Additionally, there are indications of a potential upmove, especially if the price defends the major support level and the 20-day EMA. The analysis also suggests that if the price surpasses the psychological level of $3000, it could attract strong buying pressure for longer. 

Technical Levels

Maker crypto’s bullish trend could disturb near the $3000 and $4000 levels. The price may take support at $2575 and $2130 mark.

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.