Maker price spikes to $766.92 after a successive bullish streak

• MKR price analysis indicates a firm uptrend.
• MKR surged by over 7% in the last 24 hours.
• Maker currently targets the $775 level.

Maker price movement over the last week has been a continuous uptrend as the digital currency has moved from lows of $712.05 to the current levels of the monthly highs of $775.17.MKR is currently trading at $769.51 with a trading volume of $39,054,871.95.

Maker price analysis shows the digital asset closed yesterday’s trading session at a price of around $720, whereby the bulls came in and pushed the prices towards the intraday lows of $711.The bulls gained some steam and captured the market, pushing the prices towards the current level of $760, which is above the daily 200 Moving Average.

A price surge was attributed to the increased trading volume and the market capitalization, which has increased by 5.87% and currently stands at around $748,391,606.03.MKR is ranked position 58 with a market dominance of 0.08% in the entire cryptocurrency market.

MKR price analysis on the daily chart indicates a clear uptrend amid broader market optimism in the last 24 hours. After trading in an ascending wedge for a while, the crypto currency finally breached the $750 resistance level in the afternoon and set a new monthly all-time high of $766.The weekly gains are also amounting to 17.81%, which is a hopeful indication; the trading volume has also increased by 24.61%.

weekly chart, source: Coinmarketcap

The technical indicators on the hourly, daily, and 4-hour charts indicate that the bulls have the upper hand in the market as they are all pointing to the upside. The RSI line on all the timeframes is above the 50 levels close to overbought regions. The MACD line is well placed above the red signal line in all the timeframes indicating the market is likely to remain bullish in the near term.

MKR/USD daily chart, source: TradingView

The market volatility for the MKR cryptocurrency is high as there has been a significant price change in the last 24 hours as well as in the last week. The parabolic SAR dots are placed above the candlesticks, indicating the market is bullish and the upside potential is imminent in the next few days. The Bollinger bands are wide, indicating the market volatility is significantly high at the moment. The upper band is touching the $778 resistance level.

MKR/USD 4-hour chart:TradingView

Maker (MKR) price movement over the last 4 hours has seen the green candle close (as of writing) at $762.9, indicating a potential move to $776.0. The digital asset is facing strong rejection at $775 and might need some time to consolidate before it can move higher.

Overall, the market is expected to remain bullish, with major technical indicators signaling further gains in the next few days. The immediate support levels are $770 and $768; if broken, we could see MKR turmoil to lows of $765.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Maker price spikes to $766.92 after a successive bullish streak appeared first on Coin Edition.

See original on CoinEdition

Source link