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A V-shaped recovery from the $590 support triggers a parabolic growth in Maker coin price. The altcoin currently trades at $1084 with an intraday gain of 8%. Moreover, this bull run backed by sustained volume rise indicates the prices are likely to reach $1150. However, the bullish growth will face a formidable resistance trendline at the aforementioned mark, which may replenish the selling pressure.
Key points:
- The rising MKR price will face intense supply pressure at the $1150 resistance
- A bullish crossover between the 20-and-100-day EMA should support the continuation of the price recovery
- The intraday trading volume in the Maker is $142 Million, indicating a 290% gain
Source-Tradingview
The Maker coin price has witnessed a steady downfall for more than a year and is 82.1% down from its $6,339.02 All-Time High. Moreover, the technical chart shows that the ongoing downfall follows a downsloping trendline.
The multiple reversals from this trendline indicate that the sellers actively sell on rallies using this dynamic resistance. However, despite the ongoing bearish sentiment in the market, the altcoin has shown remarkable recovery in the last months.
The Maker coin price bounced back from $590 support and pushed the price 84.3% high to reach its current level of $1089. With sustained buying, altcoin should rise another 6-8% to hit the combined resistance of the long-coming trendline and $1150 supply zone.
If the overall market sentiment remains bearish, the coin price will likely turn down from the aforementioned resistance and resume the prevailing downtrend.
On a contrary note, a bullish breakout from this resistance will offer an early sign of trend reversal. Furthermore, the price sustainability above the trendline will indicate that the market sentiment is shifting from selling on rallies to buying on the dip.
Such development will offer a buying opportunity for sidelined traders with the first target $1370 mark.
Technical Indicator
Relative Strength index: the daily-RSI slope surged into the overbought regions, indicating the high possibility for the price to consolidate below the $1370 mark or revert lower.
EMAs: the rising price reclaimed the 20, 50, and 100-day EMA, offering more confirmation for a price rally. However, the 200-day EMA stands as an additional barrier against buyers at $1150
Maker Price Intraday Levels
- Spot rate: $1084
- Trend: Bullish
- Volatility: low
- Resistance levels- $1150 and $1370
- Support levels- $878 and $700
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