Crypto analyst AMCrypto has shared insights into Maker (MKR)’s potential price trajectory. The analyst has highlighted a bullish recovery and a key level that could spark a “real rally” for Maker’s price.
MKR, which has experienced a 25% bounceback, has shown resilience at a well-established support level, yet remains within a broader downtrend. According to AMCrypto, the price needs to surpass $1,700 for a confirmed shift to a bullish rally.
$MKR bullish bounceback Held the support level strongly and a quick 25% pumpBut still, its downtrend is not over. Once it breaks above $1700, the MKR real rally will start pic.twitter.com/Fjvm0f6vQD
— AMCrypto (@AMCryptoAlex) October 31, 2024
Downtrend History and Key Support Zone
MKR has encountered two major downtrend phases since early 2021. The first began from a peak in early 2021, ending with MKR finding strong support around mid-2022. A second downtrend started after a rally in 2023, stretching into early 2024.
Throughout these declines, a solid support zone around the $1,000 mark has consistently provided a base, preventing further drops. This support has been tested multiple times, reinforcing its importance as a foundation for any bullish movement.
The recent bounceback, as noted by AMCrypto, aligns with this support area. The expert observed that buyers are consistently active here, which may serve as a launchpad for future rallies.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Show less –
Read also: SUI Price Could Rise Past $3: Here’s Why
Resistance Levels and Critical Breakout Point
AMCrypto points to the $1,700 level as MKR’s next substantial resistance, one that could signify a shift in momentum. Positioned near the second downtrend’s upper boundary, this resistance represents a crucial level for MKR. Analysts observe that surpassing this mark could invalidate the current downtrend, setting up MKR for a sustained rally.
The approach to $1,700 is crucial, as it has the potential to end MKR’s bearish trajectory and usher in a bullish phase. For traders and investors, this level will likely serve as an indicator of whether MKR is ready for a stronger upward move.
The bounce from MKR’s support zone lately has indicated a shift in momentum, with buyers actively accumulating near this level. AMCrypto’s analysis suggests that this bullish activity could carry MKR toward the $1,700 mark if buyer interest persists.
Hence, with a solid base established at the $1,000 support, the recent momentum suggests a potential change in trend.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Here’s How ‘Real Rally’ Will Start for Maker (MKR) Price appeared first on CaptainAltcoin.
