Maker (MKR) Price Continues Its Uptrend, Is $2,400 The Next Target?
The price of Maker (MKR) has continued its uptrend by breaking above the previous local high. If the bullish momentum remains strong, it could rise to the next resistance level at $2,400.
Weekly Outlook
The Maker (MKR) price broke above the previous local high at $1,380 last week. This move helped the price reach a new yearly high at $1,600 and retest the previous support zone at $1,650.
Despite being rejected, the bulls have not given up much ground and are in the process of forming a bullish pinbar candlestick on the weekly timeframe. This indicates that the bulls are not rushing to exit as they expect the upward trend to continue.
The weekly RSI indicator supports the possibility of further gains as it is above 70, and the bullish divergence remains intact.
If the price breaks above the $1,650 level, the next significant resistance level is found at $2,400.
Breakout from the Bullish Pattern
The daily chart shows that the MKR price has broken above an ascending triangle pattern and confirmed it as support in early October (green arrow). The two candlesticks reacting to the triangle’s resistance level on October 2 and 4 both have long lower wicks. This is a sign of buying pressure, indicating that the bulls are actively buying on minor dips.
The daily RSI indicator has also formed hidden bullish divergence after the price created a bullish pinbar candlestick yesterday. This hidden bullish divergence occurs when the price decreases but momentum does not decrease, often signaling the continuation of the uptrend.
Therefore, MKR price may retest the yearly high at $1,600 in the coming days.
Conclusion
The most likely prospect suggests that MKR price will continue to rise in the near future. The nearest target is $1,600, with a higher target of $2,400.
This outlook could be invalidated if the price falls below the previous local high at $1,380. In that case, the price could drop below the support line of the ascending triangle at $1,150.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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