- Maker spiked over 4%, trading around the $1.2K range.
- MKR’s daily trading volume has jumped by over 59%.
In the wake of consecutive bearish sessions, the crypto market is now showing uncertain signs of recovery. Prices are fluctuating between short-lived breakouts and pullbacks, with Maker (MKR) posting a 4.37% increase.
Maker visited its low of $1,193 in the early hours. MKR hit its daily high of $1,331. At the time of writing, the asset was trading in the $1,279 range with its market cap reaching $1.07 billion. Concurrently, MKR’s daily trading volume has reached $129 million.
The price of Maker has increased by over 14% in the last seven days. The weekly low is observed at $1,048, and the price managed to move upside, reaching the current trading level.
Is More Upside Ahead for Maker?
Maker has built an upside momentum in its four-hour price trajectory. The emerging bull fortress could push the price rally toward the $1,376 range. MKR’s resilience above the upper trendline signals growing bullish pressure, targeting a move to $1.5K.
Assuming the resurgence of the bears, that taking control of Maker and the price could slip to the $1,243 level. A decisive loss of this support level could open the door to a sharp decline, driving the price down to $1K or even lower as selling pressure intensifies.
MKR’s Moving Average Convergence Divergence (MACD) line has crossed above the signal line. It infers bullish momentum and a potential upward price movement.
Moreover, the Chaikin Money Flow (CMF) indicator stationed at -0.17 signals outflow of capital. Meanwhile, Maker’s daily trading volume has increased by over 59.80%.
The Bull Bear Power (BBP) value of 132.96 suggests strong bullish momentum. MKR’s daily relative strength index (RSI) at 66.26 indicates the asset is approaching overbought territory.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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