Feb 16, 2022 07:15
Maker is the token of the MakerDao protocol, which is a decentralized application on the Ethereum blockchain. Many investors got hyped and decided to hold the MKR token in anticipation of a successful venture. Recently, the price of Maker shaped a dangerous technical formation. What will happen to MKR price? In this Maker price prediction article, we're going to assess whether it is a good idea to keep holding on to MKR, when to get out, or when to get back in.
Maker Price in a Descending Triangle! Sell MKR?
The Maker price is currently in a descending triangle. This triangle is not yet in the final phase, which is why we expect a short-term rise. In our view, the end phase begins as soon as the price reaches the last third of the triangle. With resistance located around $2,777, we anticipate the price to rally to this resistance. After that, the price could fall again. The target is around $1,814. That is where the descending triangle support is located. Since the triangle was performed after a descent, it is also more likely to break down since triangles are continuation formations.
Fig.1 MKR/USDT 1-week chart showing the descending triangle -
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How LOW will Maker Price go?
The target of the descending triangle is around $852. However, since Maker price has support around $1,075, we expect the price to find short-term support there first before reaching $852. After that, the price could drop to $852 to test the horizontal support and work off the triangle target.
Fig.2 MKR/USDT 1-week chart showing the low potential prices of MKR -
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Where Should you Buy Maker MKR?
As a first target, it would be a smart idea to buy around #2,030. This area is a strong buy zone for MKR. If prices start to fall lower, depending on the risk appetite of each trader, it would be best to close all your positions and wait for the price of $1,077 to buy again.
On the other hand, having a token lose around 50% when the entire cryptocurrency market is consolidating seems a bit off, especially for crypto projects that are valued at around $2 Billion. The most probable course of action would be to keep a close lookout at the entire cryptocurrency market. If the market continues to grow, Maker price should break the top of the triangle and continue higher. Else, prices would fall as shown above.
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