Maker MKR Crypto Coin Bull Run Update!!!
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Introduction
In this article, we'll explore the recent developments in the Maker (MKR) cryptocurrency, focusing on its price movements within various channels and key support and resistance points. Following a significant breakout and rally, Maker has shown intriguing market behavior that merits attention.
Overview of Price Movements
In previous analyses, it was highlighted that Maker broke out of a long-term descending channel, leading to a robust uptrend. However, after this rally, the price has become ensnared in another downward channel. This trend was discussed in the last video shared about a week ago.
Current Market Analysis
As we examine the live daily time frame chart of Maker, the price has once again retreated to the support level of this channel. Previously, there was a false breakout during which the price encountered resistance at the $ 3,150 mark before reverting back into the channel. Presently, Maker is once again testing this critical support area, while another significant long-term support level is identified at $ 1,250.
When analyzing the weekly time frame, it is evident that the $ 1,250 price has historically acted as crucial support and resistance, impacting price movements throughout various periods.
The Breakout Period
This analysis revisits the important breakout from the long-term down channel that occurred on the seven-day time frame chart. Following this breakout, the price surged dramatically—almost 79%—yet it failed to breach the long-term resistance at $ 4,000, resulting in the establishment of a subsequent downward channel.
In line with this, recent trade signals have been shared with members, indicating trading opportunities within this market structure. On September 25, 2024, a harmonic bullish 'Shark' pattern was identified, prompting a successful trade that yielded approximately 15% gains.
Key Resistance Levels
Focusing on the daily charts, it’s clear that Maker has been fluctuating within its channel for several weeks now. Notably, the $ 3,150 level remains a formidable resistance, previously impactful several times in the past. In essence, to continue an upward trajectory, Maker must first overcome this resistance.
Additionally, the price is likely to test the channel's upper resistance, potentially around $ 1,730. In the event of a successful breakout, the technical target would be the $ 4,000 mark—another significant historical resistance level.
Technical Targets
Taking a step back, the broader picture unveils that breaking out from the larger down channel could push the price towards the top of that channel, which may range between $ 6,500 to $ 7,000. This represents a substantial price level that traders should keep in their sights.
Conclusion
To sum up, Maker is caught in a pivotal phase, oscillating between critical resistance and support levels. As traders look for opportunities, understanding these market dynamics is essential. Stay tuned for more updates and analysis on Maker's price actions!
Keywords
Maker, MKR, cryptocurrency, bull run, analysis, down channel, price movements, support, resistance, trading signals, harmonic bullish Shark pattern, technical targets.
FAQ
1. What is Maker (MKR)?
Maker (MKR) is a cryptocurrency that operates on the Ethereum blockchain and is part of the Maker Protocol, which allows the creation of the stablecoin DAI.
2. Why is the resistance at $ 3,150 important?
The $ 3,150 resistance level is crucial because it has acted as a significant barrier in recent weeks, preventing the price from moving higher.
3. What is the significance of the $ 1,250 support level?
The $ 1,250 support level is essential as it has historically provided price stability and acted as a bounce-back point during previous downturns.
4. How can I participate in trading Maker?
You can engage in trading Maker by using cryptocurrency exchanges where MKR is listed, and by following technical analysis and trading signals for informed decision-making.
5. What is a harmonic bullish Shark pattern?
A harmonic bullish Shark pattern is a specific price pattern within technical analysis that indicates a potential bullish reversal in the price trend.