- Maker (MKR) has seen an 11% increase, hitting a value of $1,155.
- MKR’s trading volume surged by 40.62% in just 24 hours.
- MKR’s price could reach the $1,200 resistance level.
As we approach the end of August, the altcoin sector has seen a notable uptick in Maker
This surge coincides with a period where the dominant player, Bitcoin, is grappling with a downturn. Significantly, Maker has seen a dramatic 40.62% surge in its trading volume in just 24 hours, indicating a growing fascination with this alternative cryptocurrency. In the last week, Maker has proven its mettle with a 6% appreciation in its value.
Maker (MKR) Technical Analysis
On the 1st of August, the token experienced a significant upswing, reaching a one-year peak price and further establishing its dominance in the global cryptocurrency market with a recorded value of $1,342. Subsequently, MKR’s trading value fluctuated within the $1,200 to $1,000 bracket.
Nonetheless, recent price fluctuations in Maker reveal a consolidation pattern, with bullish trends dominating. The daily Relative Strength Index (RSI), a key indicator of market momentum, is currently situated around the pivot point of the neutral zone, registering a value of 55.53.
If Maker’s price maintains its bullish trend in a flag pattern, it could surpass the 50-day and 200-day moving averages. The daily trading chart suggests that MKR’s price has the potential to reach the $1,200 resistance level before experiencing any significant pullback. This upward momentum could drive the bulls towards their next target—the $1,350 resistance level.
Should a bearish trend dominate, MKR’s value may witness a downward trajectory towards its support levels. The primary support is positioned at $1,044, with the possibility of a further plunge to $826.
