The Maker (MKR) cryptocurrency is showing promising signs of a bullish trend, with its price steadily climbing above the $2400 resistance level. Currently trading at $2652.1, MKR has seen a remarkable surge of 12,515.63% since its all-time low in 2017. Despite a significant drop from its peak in 2021, the current trading range indicates substantial growth potential. As MKR hovers above key moving averages, traders are eyeing the $2800 resistance level, with the possibility of further gains. However, short-term resistance and potential pullbacks should be monitored closely. Will MKR continue its upward trajectory, or is a market correction on the horizon? Read on for a detailed technical analysis and future price predictions.

Maker Prediction Statistics Data

• Maker price now: $2652.1
• Maker market cap: $2.47 billion
• Maker circulating supply: 930,159 thousand
• Maker total supply: 977,631 thousand
• Maker CoinMarketCap ranking: #41

Historical Performance and Growth Potential

Since reaching its all-time low of $21.06 on January 30, 2017, the Maker (MKR) has surged by a staggering 12,515.63%. Despite a decline of 58.09% from its peak of $6,339.02 on May 3, 2021, the current trading range of $2,483.98 to $2,669.63 underscores considerable growth from its inception. This underscores the potential for substantial returns for early adopters navigating the volatile landscape of cryptocurrency.

MKR/USD Market Analysis

Key Levels:

• Resistance Levels: $3200, $3300, $3400
• Support Levels: $2000, $1900, $1800

Technical Indicators and Moving Averages

MKR/USD keeps trading bullish today as the price hovers above the 9-day and 21-day moving averages. A daily close near the upper boundary of the channel may increase the Maker price to the resistance level of $2800. However, traders should note that a consistent price increase may bring more buyers into the market as bulls increase their positions.

Maker Price Prediction: MKR May Gain More Uptrends

Despite this positive outlook, the Maker (MKR) price faces significant short-term resistance between $2,550 and $2,650, making it advisable to buy in the immediate term. However, the market is likely to respect this resistance, potentially leading to a pullback to $2,500 or $2,400 respectively. Meanwhile, the long-term prospects remain strong, with the potential for MKR to break this resistance and rally to $2,900 or $3,000, provided the market reacts positively after the anticipated pullback. Nevertheless, the resistance levels of $3200, $3300, and $3400 may play out if the bullish movement continues.

On that note, investors should closely monitor the $2,700 level for signs of a breakout, supported by ongoing bullish momentum indicators such as the 9-day moving average could make a bullish cross above the 21-day moving average. While the long-term outlook is promising, it is crucial to remain cautious of short-term market dynamics as any bearish movement may locate the support levels of $2000, $1900, and $1800.

MKR/BTC Goes Bullishly

Against Bitcoin, the Maker price is moving to cross above the upper boundary of the channel as the coin prepares another bullish movement. However, MKR/BTC may create additional gains, which could hit the resistance level at 5300 SAT and above.

Technical Indicators and Moving Averages

On the contrary, if the sellers bring the market to the south, traders can expect a bearish drop below the moving averages, breaking below this barrier may locate the support at 3500 SAT and below. Meanwhile, the 9-day MA may need to remain above the 21-day MA, suggesting more bullish signals within the channel.

Moreover, @Impulse606, with over 10,000 followers on X (formerly Twitter), highlighted that $MKR boasts one of the most visually appealing weekly charts in the market.

$MKR probably has one of the best looking weekly charts out there pic.twitter.com/UUPN0f31dR — Impulse (@Impulse606) July 13, 2024

Maker Alternatives

Maker (MKR) is experiencing an upward trend, trading above its 9-day and 21-day moving averages. If it breaks the $2700 resistance, further gains are possible, though its $2.47 billion market cap may limit short-term percentage increases. Meanwhile, PlayDoge has raised $5.6 million in its presale, indicating strong investor confidence. These funds are being used to enhance the game’s features, including a robust web3 website and a high-quality game demo.

PLAYDOGE: A NEW GAMEFI PROJECT IN ITS EARLY STAGE

With a unique blend of nostalgic appeal from the Tamagotchi era and the viral nature of the Doge meme, PlayDoge offers more than just a game – it taps into a cultural phenomenon that spans generations. The project’s strong presale performance, having already raised $5.6 million, underscores investor confidence and highlights its potential for substantial growth.

Related News

• Maker Price Prediction: MKR Pumps 13%, But Time Is Running Out To Buy This New AI Sensation That Experts Say Might Explode
• PlayDoge Presale Surges Past $5.5M Despite Market Slump – Best Crypto To Play The Next Bull Run?

Summary

The Maker (MKR) cryptocurrency is showing strong bullish signals, with its price steadily climbing above key resistance levels. While short-term resistance and potential pullbacks should be closely monitored, the long-term outlook remains promising. Investors should keep an eye on the $2,700 level for signs of a breakout and consider the broader market dynamics when making trading decisions. With ongoing bullish momentum and significant growth potential, MKR could continue its upward trajectory, offering substantial returns for savvy investors.

The author does not own or have any interest in the securities discussed in the article.