Maker (MKR) has surged nearly 27% in the past month, breaking through the critical $1200 resistance zone. Currently trading at $1,320, MKR is showing strong bullish pressure. However, the next key test for the token is the $1500 resistance level. A decisive breakout above this mark could pave the way for a rapid ascent to $1800.
Key Resistance and Support Levels
- Resistance: The primary resistance to watch is $1500. If buying pressure remains strong and this level is breached, MKR could see a sharp move toward $1800.
- Support: If MKR fails to maintain current momentum, the next major support level lies in the $1000-$1200 range, which could serve as a critical accumulation zone.
The Relative Strength Index (RSI) currently sits at 68, signaling that MKR is nearing overbought territory. This could indicate a short-term consolidation phase before a potential breakout or retracement. Traders should monitor this metric closely, as a cooling-off period might be necessary before another leg up.
On-Chain Data Highlights Growing Investor Confidence
- 21.25% of holders are in profit, reflecting increasing investor sentiment and confidence in MKR’s price trajectory.
- 57.06% of holders are at breakeven, suggesting a potential supply squeeze as many investors hold onto their positions, waiting for further gains.
- Whale activity is at a 7-day high, with 36 large transactions recorded, signaling heightened institutional interest in MKR.
- Resistance remains strong between $1400-$1500, where many investors might take profit.
- Support between $1000-$1200 suggests a potential accumulation zone, should a price pullback occur.
Will MKR Sustain Its Uptrend?
MKR’s ability to maintain its bullish momentum hinges on whether it can break the $1500 resistance. With strong whale activity and minimal sell pressure, the possibility of an upward move remains high. However, if $1320 fails to hold, a retest of the $1000 support level could be on the horizon, presenting a strategic entry point for long-term holders.
A confirmed breakout above $1500, backed by high trading volume, would reinforce MKR’s bullish outlook and potentially drive the price toward $1800 in the near term. Traders should keep an eye on market dynamics as MKR navigates these crucial levels.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Maker (MKR) Surges 77% After $156M Token Burn – Can the Rally Sustain?
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
