Key Takeaways
- 777-Day Support Trend Line: Maker (MKR) has consistently followed an ascending support trend line since early 2023, bouncing three times (green icons) to validate its strength.
- Bullish Indicators: Long-term technical signals (RSI, MACD) suggest the MKR price correction has ended, with divergences hinting at a bullish reversal.
- Resistance Breakout Needed: The MKR price must clear the $1,200 horizontal resistance to confirm a legitimate uptrend and potential breakout from its descending channel.
MKR Price Analysis: Bullish Momentum Builds
MKR surged 50% since its February 3 low of $778, outperforming Bitcoin’s 4% rebound. The rally aligns with:
- Channel Breakout Signals: MKR trades near the upper boundary of its descending parallel channel, indicating a potential breakout.
- Weekly Chart Strength: Bullish divergences in RSI and MACD (weekly timeframe) historically precede trend reversals.
📊 Weekly Chart Snapshot:
MKR/USDT | Credit: TradingView
- Support Trend Line: Active since 2023, tested three times.
- Resistance: $1,200 horizontal level critical for confirmation.
Elliott Wave Theory Predicts Rally
The 5-wave downward movement from April 2024’s high ($4,074) likely completed, paving the way for an A-B-C relief rally:
- Wave A: Breakout from the descending channel.
- Wave B: Retest channel as support.
- Wave C: Target zone $3,200–$3,375 (Fibonacci + horizontal resistance).
📈 Daily Chart Insights:
- RSI & MACD: Above bullish thresholds (50 and 0, respectively).
- Invalidation Scenario: Breakdown below the support trend line could push MKR toward $500 (less likely).
FAQs
1. What triggered MKR’s 50% price surge?
The bounce from a long-term support trend line (777 days) and bullish divergences in key indicators (RSI, MACD) fueled investor confidence.
2. Is MKR’s breakout confirmed?
Not yet. A decisive close above $1,200 resistance is needed to validate the uptrend.
3. What’s the price target if MKR breaks out?
Elliott Wave Theory suggests a rally to $3,200–$3,375 post-breakout, contingent on channel validation.
4. How does MKR compare to Bitcoin’s performance?
MKR’s 50% surge since February 3 dwarfs Bitcoin’s 4% gain, highlighting its strong rebound potential.
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Disclaimer: This content is for informational purposes only and not financial advice. Cryptocurrency investments carry risks; conduct your own research or consult a financial advisor.
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