Order Book Analysis
Maker price has surged by about 10% in the past day, leading the altcoin to successfully record a bullish reversal. Moreover, with the technicals and on-chain data favoring the project, the MKR token hints at a bullish continuation this month.
Will the leading protocol behind the DAI stablecoin continue to gather momentum and retest its upper target of $2,000 this month? In this article, we bring you a detailed price analysis and potential targets for the Maker (MKR) crypto.
MKR Token Price Action Records Bullish Surge!
The Maker token has surged by 9.87% in the past 24 hours, with its trading volume touching $184.94 million as the crypto market continues to recover strongly. Following this, the MKR token has reclaimed the $14k level for the first time in about a month.
In the longer timeframe, the altcoin has been trading inside a descending channel pattern since August. It is worth noting that it has managed to rank 62nd in the market, with a market cap of $1.235 billion.
Maker Dao Technical Outlook
The Moving Average Convergence Divergence (MACD) indicator displays a rising green histogram, with its signal line noting a similar price action on the 1D timeframe.
Furthermore, a bullish crossover has occurred in the MKR price chart by the SMA indicators. This suggests that the Ethereum-based altcoin is likely to continue appreciating in the coming sessions.
MKR Price to Retest $2000 This November?
If the bulls continue to gather momentum, the Maker token price is poised to retest the resistance trendline of its channel pattern. Sustaining the bullish momentum could lead it towards its overhead resistance of $2,125 this month.
However, if a bearish reversal occurs, it could lead to the altcoin retesting its import support trendline at $1,120. Moreover, if the bears overpower the bulls, it could lead to it setting a new yearly low in Q4 of this year.
