MAKER PRICE ANALYSIS & PREDICTION (March 27) – MKR Posts Major Gains After Slight Pullback, Signals Bullish
This month’s bounce has brought a notable increase in MKR’s price as it now sits well above $1.4k, following a 15% gain in the past week. It has formed a new bullish pattern and looks ready for a big rally.
During last week’s trading, MKR rejected $1,360 after initiating a fresh buy above $1k in the preceding week. This led to a slight pullback, and the crypto closed that week on a bearish note.
Things turned out positive this week as volatility increased and the price surged consistently to where it is trading above $1.4k. This surge signals a rising demand on the daily chart, and with the look of things, the price may rally hard soon.
As we can see, the trading landscape has changed a little with a higher low pattern on the daily chart. The currently formed higher high pattern might shoot the price to $2.4k in the next few days. Aside from that, the market sentiment has also changed positively in the past weeks. It now signals bullish following a double-bottom formation.
Invalidating this bullish signal, MKR must fall below $778 – the current yearly low before we can consider an extension of the mid-term bearish. But as it stands, the trend appears to be shifting upside. If it rallies above the $2.4k level, we can expect an explosive run to a new high.
While the broader market outlook is still in a downward range on the mid-term scale, a reversal pattern is slowly playing out in the short-term.
MKR’s Key Levels To Watch
Looking ahead, MKR’s current target lies at $1,544, along with the $1,798 resistance. A break above it could rally the price higher to the $2,150 and $2,420 resistance levels.
The recently broken $1,360 resistance is now held as support, followed by $1,200 and the monthly $1,035 low. Losing this low could roll the price back to $875 and $778 – the recently mentioned yearly low.
Key Resistance Levels: $1,544, $1,798, $2,150
Key Support Levels: $1,360, $1,200, $1,035
- Spot Price: $1,413
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
