MAKER PRICE ANALYSIS & PREDICTION (February 21) – MKR Reclaims $1.5k Following Over 40% Rally in a Week, Faces Resistance

MKR’s recent recovery has sparked major interest and attention among investors, gaining a lot of traction in the past few days. However, it has brought a notable gain following a massive surge above $1k.

Following a consistent increase from a monthly low of $778 two weeks back, MKR has seen a significant recovery and now looks highly bullish on the daily timeframe. The bears are in disbelief of the latest moves as they continue to suffer losses since the price started to recover recently.

Leaving several levels untested since the start of this week, it advanced higher and tested $1,504 a few hours ago but the price is now stuck at a due to a rejection. This mentioned level coincides with the January retest level, marked as a minor resistance. Breaking it could fuel more surge.

However, a continuous rejection of this resistance could trigger another bearish tone capable of rolling the price back to the bottom. A hold above the close $1,275 support level should bring buying pressure back into the market with an inverse head-and-shoulder formation on the daily chart.

While the market sentiment is still considered bearish from a mid-term perspective, it is important to note that the bulls have taken charge at the time of writing.

Maker’s Key Levels To Watch

Source: Tradingview

Breaking higher, the closest resistance level to watch is $1,636, followed by $1,894. If these levels fail to suppress bullish action, the next resistance level to watch would be $2,155.

If the price falls back and the immediate $1,275 support fails to hold, the next support for a retracement would be $1,035. Lower supports for tests are $875 and $778 in case of more dips.

Key Resistance Levels: $1,636, $1,894, $2,155

Key Support Levels: $1,275, $1,035, $875

• Spot Price: $1,478
• 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.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: aifarm/123RF // Image Effects by Colorcinch