Maker (MKR) Continues to Witness Strong Bullish Activity

So far today, the Maker token has seen a price increase of more than 20%. As of writing, the coin is the second most profitable coin on the daily crypto mover list. Meanwhile, technical indicators suggest further upward momentum in the market.

Maker Statistics:

MKR Price: $1,626

Maker Capitalization: $1.41B

MKR Circulating Supply: 877.76K

MKR Total Supply: 908,110

Maker CoinMarketCap Rank: 58

Key Price Levels:

Resistance: $1,750, $2,000, $2,250

Support: $1,500, $1,250, $1,000

Bulls Are on the Loose in the Maker Market

For the second consecutive session, the MKR market has been recording significant gains. The previous session ended with buyers securing massive price increases, and today’s session has continued this trend, as evidenced by the long, green price candle with almost no upper shadow.

This suggests that downward pressure is currently weak. Additionally, the Stochastic Relative Strength Index (RSI) lines are still rising into the overbought region without showing signs of excessive momentum. With the current session testing the 100-day Moving Average (MA) as resistance while remaining above the 20-day and 50-day MAs, price action may rise further in subsequent sessions.

MKR Bulls Stay Ruthless

Even on the Maker 4-hour chart, upward momentum remains strong. Price action has risen above all MA lines, and the latest price candle has no upper or lower shadow, indicating that upward forces are dominating. Furthermore, the MA lines are now crossing below the price action.

Simultaneously, the Stochastic RSI lines have delivered another bullish crossover in the oversold region. Considering the significant price movement and the subsequent behavior of the Stochastic RSI lines, upward momentum appears strong. Consequently, traders may consider using crypto signals targeting the $1,700 and $1,800 levels.

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