July 20, 2024

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Maker DAO Trends Higher As 50 EMA Holds As Support, Can The Price Breach $1,200?

2 min read
Maker DAO Trends Higher As 50 EMA Holds As Support, Can The Price Breach ,200?
  • MKR’s price shows strength as the price breaks out of a downtrend with good volume with eyes set on $1,200. 
  • MKR bounced from a low of $600 as the price rallied to a high of $1,000, preparing for a rally as the price eyes $1,200 key resistance.

The price actions shown by Bitcoin (BTC) have affected most altcoins negatively as some have lost their key support, but Maker Dao (MKR) continues to show immersed strength as price breaks out of a long downtrend movement. The Consumer Price Index (CPI) news released recently had a great deal of effect on the crypto market as the price of BTC declined to a low of $18,200 before a bounce to $19,300, with many altcoins like Maker DAO showing bullish strength regardless. (Data from Binance)

Maker DAO (MKR) Price Analysis On The Weekly Chart

Previous weeks haven’t been the best for the crypto space and most projects as the CPI news negatively affected most projects as crypto assets struggled to secure their key support zone. 

The news saw the price of Bitcoin (BTC) having a sharp decline to a region of $18,200 before a bounce to $19,500; this decline led to many assets losing their support zones, but some crypto assets showed immense strength with the likes of MKR looking strong ahead of the weekly close.

After the price of MRK dropped to a weekly low of $600, the price rallied from this low to a high of $1,000, showing bullish signs as the price closed bullish and opened with a bullish candlestick.

The price of MKR has formed a bullish structure and could retest the high of $1,200 if the price of MRK breaks and close above this area of $1,200, acting as resistance, we could see a price rally to a high of $1,700, but if the price of MKR gets rejected the price at $850 would be a good support zone. 

Weekly resistance for the price of MKR – $1,200.

Weekly support for the price of MKR – $850.

Price Analysis Of MKR On The Daily (1D) Chart

In the daily timeframe, the price of MKR continues to look bullish as price trades above key support formed at $850 by the uptrend line as the price continues to respect this uptrend line, helping MKR to maintain its bullish structure as price trends higher.

The price of MKR has shown strength, as the price has not gone below the uptrend line, as the price faces resistance to breaking above $1,200.

Daily resistance for the MKR price – $1,200.

Daily support for the MKR price – $900.

Featured Image From zipmex, Charts From Tradingview