MKR continued to Defy the odd, showing strength daily amid the recent bloodbath. While the market looks a bit green today as altcoins recover, it has posted huge gains, making it the top gain in the last 24 hours.
Following the recent trend shift, MKR had an impressive run last week, breaking above the $1k level after facing a lot of hurdles. The market became highly volatile and later closed well around $1.6k after a rejection. This led to a pullback, and the price dropped to $1,337.
Volatility enhanced again and the price increased, but the $1.7k level posed a threat today, suppressing further bullish rally. It paused buying a bit and retraced to where it’s priced at $1,688.
Looking at the market structure, this recovery looks like a bullish V-shaped pattern on the daily chart but as we can see, it is yet to complete at the $2,400 level, where it lost momentum two months ago.
So far, MKR has seen significant growth from its recent low following a back-to-back gain in the past two weeks. A full recovery to the top should complete the V-shaped pattern before exploding massively to a new high.
Maker’s Key Levels To Watch
Source: Tradingview
Now that the price sits above $1.6k, the immediate resistance level for a test is $1,894. If this resistance flips, the next important level to keep in mind is $2k before reclaiming the $2,400 resistance.
In case of a drop, the nearest support level to watch for a test is $1,337. Right below this level lies $1,204. If they fail to provide a bounce, it may navigate the $1,035 level for support.
Key Resistance Levels: $1,894, $2,155, $2,400
Key Support Levels: $1,337, $1,204, $1,035
- Spot Price: $1,688
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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