After displaying a bearish trend for a brief period, the Maker token has displayed a significant jump of over 8% to its portfolio within the past day. Further, the MKR token has added over 25% in valuation within this month, indicating a positive outlook for the altcoin in the coming days.
The MKR price traded in a narrow space between $1,348 and $1,444 for a period, following which the Maker token jumped approximately 20% in valuation. After facing rejection at $1,617, the token traded between $1,531 and $1,617 for a short period.
The market bulls gained just enough momentum to break out of the resistance level, where the price displayed minor fluctuation in the chart. Following multiple attempts, the MKR token jumped over 16% before facing restriction at $1,885.
The token then traded in a consolidated range between $1,617 and $1,885 for about a week, highlighting a mixed sentiment in the crypto space. As the market gained momentum, the Maker token jumped approximately 25% in valuation.
Since then, the Maker token has been trading in a consolidated range between $1,885 and $2,179.
Will MKR Price Record New High Soon?
The technical indicator, MACD, displays a strong green histogram, highlighting an increased buying-over-selling pressure in the crypto industry. Moreover, the averages show a constant rise, suggesting a bullpower in the cryptocurrency market.
If the crypto bulls push the price above its key resistance level of $2,179, the bulls will prepare to test its upper resistance level of $2,300. Further, if the bulls hold the price at that level, it will set the stage for the Maker token to test its resistance level of $2,400 in the coming time.
Negatively, if a trend reversal occurs, the price will lose momentum and fall to test its support level at $2,030 soon. Moreover, if the bears continue to hold the power over the bulls, it will lose its $2k mark and prepare to test its lower support level of $1,885.
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