Maker (MKR) and PYTH are experiencing breakouts from significant technical levels, signaling potential bullish continuations. The price of Maker (MKR) has surged over the past two days, showing a 6.29% increase, while PYTH’s price recorded an 8.56% rise over the last day.
Crypto analysts World of Charts and AMCrypto highlighted these movements on X (formerly Twitter), drawing attention to the upward potential for both assets as they test key resistance levels.
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Maker (MKR) Price Breaks Out of Downtrend Channel
Maker’s price was stuck in a downward channel from mid-July to October, but it recently broke out of that long-term downward trend. MKR displayed a series of lower highs and lower lows throughout this period, indicating a negative market outlook.
However, as the price finally broke above the upper boundary of the channel, Maker (MKR) signaled a shift in momentum. The coin is approaching a potential resistance level in the $1,800–$2,000 range, therefore this breakout has made room for a positive trend.
Image Source: X/WorldofCharts
World of Charts forecasted a move toward $2,000 in the coming days. He pointed out that as MKR is still showing high buying volume, the breakthrough might draw in more investors. According to analysts, MKR may soon challenge the $2,000 resistance level if it keeps on its current pace.
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PYTH Price Tests Critical Resistance at $0.42
Similarly, PYTH recently reached a key resistance level of around $0.42. This level had previously acted as a significant barrier, as PYTH’s price faced rejection each time it approached this area.
AMCrypto noted the breakout marks an important technical milestone, though the analyst emphasized the need for a one-day (1D) close above $0.42 to confirm the breakout.
$PYTH breakout has happened All it needs now is a 1D close above $0.42 and PYTH will run hard. pic.twitter.com/8Blcamynl2
— AMCrypto (@AMCryptoAlex) October 31, 2024
Supported by an ascending trendline from early September, PYTH’s price movements suggest growing bullish momentum. If the token can sustain a daily close above $0.42, it could trigger further buying interest, potentially driving the price higher. AMCrypto highlighted that a strong close above this level could prompt a significant run for PYTH.
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Show more +Show less – Strong Momentum Across Both Tokens
Maker (MKR) and PYTH are witnessing increased market interest as their respective breakouts bring in higher trading volumes. For MKR, the move above the descending channel has introduced a positive sentiment, reversing its previous bearish trend.
Meanwhile, PYTH’s upward push toward $0.42 has market participants watching closely, as a confirmed close above this resistance could indicate sustained buying strength.
The parallel breakouts observed in Maker and PYTH emphasize the bullish trends developing in each token. Traders may monitor these tokens for further price action as both continue to test key resistance levels.
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The post Why Is Maker (MKR) Price Surging and PYTH Breaking Resistance? Here’s the Outlook appeared first on CaptainAltcoin.
