Price Analysis View Non-AMP

Maker (MKR) Price Surges Past $1200: Can MKR Break $1500?

Published by
Mustafa Mulla

Highlights

  • MKR Coin breaks critical resistance level $1200 last week, signalling a breakout from the downtrend that began back in June.
  • In the near term, MKR’s future resistance is at $1500, with a breakout possibility to the $1800 price zone. A key support level is around $1000.
  • The recent price breakout can also be attributed to renewed interest from institutional buyers, since the 7-day whale transaction volume is a recent high.
  • The RSI is also approaching overbought territory, which indicates a short-term pullback could happen before another price breakout soon after.

MKR’s Price Action: Key Support & Resistance Levels to Watch

Maker (MKR) has experienced a remarkable bullish momentum, surging approximately 27% in the past month while breaking through the key $1200 resistance zone. The price shows a lot of bullish pressure, however, MKR needs to keep that buying pressure built to move closer to $1500. 

Key Resistance – $1500, if bullish pressure continues and this price point is breached, MKR could move to $1800 quite quickly. 

Critical  Support – If this price point fails to hold, we can see considerable support in the $1000 zone. 

Relative Strength Index (RSI) of Maker is also at 68, implying overbought territory, ultimately leading to a potential for some level of short-term consolidation.

Currently, MKR is priced at $1,320, and the on-chain data suggests:

– 21.25% of holders are in profit, showing that investor sentiment is growing.

– 57.06% of holders are at breakeven, indicating that this may create a supply squeeze as holders wait to make a profit.

– An increase in large transactions has culminated in whale transactions hitting a 7-day high of 36. This indicates institutional interest in the token.

– Historically, the token may face resistance from $1400-$1500, and many of the holders will likely take profit. Conversely, there is key support at $1000–$1200, which could lead to accumulation.

– Since the majority of holders are currently in profit or breakeven, the on-chain data indicates less sell pressure, which may lead to further upside potential.

Can MKR Regain Bullish Momentum?

The recovery of MKR’s bullish momentum comes down to the $1500 resistance level; breaking this area of resistance could lead to a push higher to $1800. On-chain data support the idea of demand with whale activity at a 7-day high.

This lets us know that there is a demand at around the $1500 resistance level and the potential for a bullish move if it were to break.

Although the RSI is at a near-overbought level of 68 and we could see price action pull back if it cannot sustain upside momentum. Traders should remember that $1320 is an important zone to hold, and if it fails, could lead to a retest at $1000, which would be a strong area to accumulate MKR.

A confirmed bullish move above the $1500 resistance with high volume will lead to even more confirmation of bullish price action.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Recent Posts

Will Pi Network & Mantra Restore Investor Confidence? Will PI & OM Prices Recover?

The crypto markets have gained some momentum since the start of the week, which has…

April 19, 2025

Kadena Price Prediction 2025, 2026 – 2030: Will KDA Price 3X This 2025?

Story Highlights The price of the Kadena token is . The Kadena price could reach…

April 19, 2025

Is Ethereum About to Crash? Peter Brandt Predicts Drop to $800

Veteran trader Peter Brandt has surprised the community with his bold prediction for Ethereum. He…

April 19, 2025

Bitcoin Price Prediction 2025

Bitcoin is holding strong above $84,500, showing resilience as market sentiment shifts. Strong U.S. job…

April 19, 2025

MUTM Hasn’t Gone Parabolic Yet Like Shiba Inu (SHIB), And That’s Exactly Why Whales Are Watching

In the world of cryptocurrency, timing is often just as important as the project itself.…

April 19, 2025

FLARE Price Prediction 2025, 2026 – 2030: Will FLR Price Hit $0.050?

Story Highlights The live price of Flare crypto is . The Flare price is expected…

April 19, 2025