Maker (MKR) Resumes a Steep-Upside Path After Exiting Consolidation

Maker broke out of a consolidation move in the daily market around March 9th. Afterward, the market seems to have gained a lot of traction as the price surged over a considerable length of time. The market moved to higher highs very quickly.

Maker Statistics:
Current MKR Value: $3,876
MKR Market Cap: $3,524,988,519
Maker Circulating Supply: 924,610
Maker Total Supply: 977,631
MKR CoinMarketCap Rank: 36

Key Price Levels:
Resistance: $3,876, $4,000, and $4,500
Support: $3,500, $3,000, and $2,500

MKR Price Increases by 4.63%

Price movement in the Maker daily market seems to have shaken off the bearish effect that was witnessed in the previous session. Today’s trading activity seems to have brought a price increment of 4.63%. This reveals that the support level at the $3,750 mark has generally held since price activity was able to bounce upwards off it.

This has essentially helped the market retain its bullish path because trading activity continues above the Guppy Multiple Moving Average (GMMA) lines. Likewise, the Moving Average Convergence Divergence curves have maintained their steady upside path above the centerline of the indicator. Consequently, this signals that bullish crypto signals are still usable in this market.

Maker Continues to Move from One Higher Highs to Another

The behavior of price movements in the MKR 4-hour market has revealed that the market remains on an upward trajectory. This became evident as price action moved from one high to another above the GMMA lines. Also, the last two price candles on this chart show that buyers have retained control of the market ever since the start of today’s trading activity.

Be that as it may, the MACD indicator lines have further suggested that upside forces may grow stronger now since it appears that downward ones are losing their hold. One can observe this as the bars of the indicator below the equilibrium level are now pale red and get shorter. Therefore, traders can then expect the price to approach the $4,200 mark.

Trade crypto coins on AvaTrade