Maker (MKR) Crypto At A Make Or Break Level: What’s Next?
The post Maker (MKR) Crypto At A Make Or Break Level: What’s Next? appeared on BitcoinEthereumNews.com.
Maker (MKR) crypto appears to be pivoting towards an upward trend, potentially exiting its correction period as the wider market shows signs of recovery. The rebound in its price around the demand zone suggests a growing enthusiasm among investors. Additionally, the daily chart showcases an intriguing channel pattern, with the price currently at a critical threshold. The rise in trading volume and social attention points to a potential breakout. Yet, there are obstacles at higher price levels that could dampen the chances of such a breakout. Let’s delve into a more detailed analysis, considering all these elements. Social Volume Indicates Increased User Engagement According to data from Santiment, there has been a noticeable uptick in social dominance and volume, suggesting a surge in user engagement with the MKR crypto. This heightened activity could signal a greater likelihood of a price breakout. Moreover, social dominance and volume are metrics that gauge the cryptocurrency’s prominence, activity level, and demand within the community, highlighting its popularity and the intensity of discussion it generates among enthusiasts. Is Maker Poised for a Bullish Breakout? From a technical point of view, Maker crypto has experienced a corrective trend over the past two months. However, this could conclude with a successful breakout from the descending triangle pattern observed on the daily chart. Presently, the price is hovering near a crucial area, with a definitive trend yet to be established. On the upside, the 50-day Exponential Moving Average (EMA) and the significant $3000 level could serve as resistance. Overcoming these could herald the start of a new bullish cycle for the cryptocurrency. Conversely, if the bears regain control and the price breaks below the monthly lows, it may head straight towards the annual lows. Conclusion. Maker (MKR) crypto has shown signs of a bullish reversal as…
Filed under: News - @ May 19, 2024 9:24 pm