Maker (MKR) Surges 4% as Bulls Take Control More Gains Ahead?
- Makers (MKR) bullish momentum has seen it gain strength as it breaks a key resistance, with a 4.23 percent daily surge.
- The RSI and MACD indicate growing strength, which means that there is further upside potential ahead for MKR.
- With MKR managing to close above the $1,500 level, it could be on the verge of testing higher price targets in the near future.
Looking at the latest daily chart, Maker (MKR) has gained by 4.23%, and the price is sitting at $1,511. This uptick is a significant rise from the days low of $1,447.53, which suggests strength in buyers confidence.
Source: TradingView
This update is even more significant given the fact that MKRs price action has been moving sideways for an extended period with mild pullbacks.
Technical Indicators Suggest More Upside Ahead for MKR
Looking into technical indicators, the Relative Strength Index (RSI) of Maker is at 62.41. It is close to the bullish zone but is not yet in the overbought territory. The implication here is that the likelihood for MKRs price to go higher is still present.
RSI values above 70 might indicate that a coin is overbought, whereas anything below 30 shows oversold conditions. So, the fact that MKRs RSI is holding at its current level indicates moderate bullish strength. Additionally, the RSI line is following an upward slope, which indicates that there was still buying interest during the last few sessions.
The MACD (Moving Average Convergence Divergence) adds further confirmation of bullish sentiment. The MACD line has crossed above the signal line, marking another classic bullish momentum. Green histogram bars are increasing in height now.
Psychological Resistance Level Now Within Reach
The chart also indicates that there are underlying higher lows from the past few weeks, which provide a strong base for a significant movement. This confirms that there is bullish pressure in play and that there was a breakout from recent consolidation levels just below the $1,400 mark.
Following this breakout, Maker has now cleared the way to push towards even higher targets in the short term.
Read more: https://www.tronweekly.com/maker-mkr-surges-4-as-bulls-take-control/
Text source: TronWeekly
