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- Maker (MKR) has increased by over 11% in the past 24 hours.
- The price trends of Maker indicate a consolidating pattern with bullish dominance.
As August draws to a close, the altcoin sector has experienced a significant rise in Maker (MKR), the governance token of the decentralized finance (DeFi) platform MakerDAO. Amid various price shifts in the global cryptocurrency landscape, Maker distinguishes itself with a notable 11% increase, reaching a price of $1,155.
This rise occurs while the market leader, Bitcoin, faces challenges in the negative territory. Importantly, Maker’s trading volume has surged by 40.62% within a single day, reflecting the growing interest in this altcoin. Over the last week, Maker has shown a 6% increase in value.
Maker (MKR) Technical Analysis
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On August 1st, the token reached a one-year peak price, reinforcing its status as a prominent entity in the global crypto market, recording $1,342. Subsequently, MKR traded within the $1200 to $1000 range.
Nevertheless, Maker’s recent price actions reveal a consolidating pattern, with bullish influences appearing to dominate. The daily Relative Strength Index (RSI) is positioned around the neutral territory inflection point, registering a value of 55.53.
Maker (MKR) Price Chart (Source: TradingView)
A favorable scenario emerges if Maker’s price maintains its upward movement in a flag formation, potentially surpassing both the 50-day and 200-day moving averages. In the daily trading pattern, it is clear that MKR’s price could reach the $1,200 resistance level before any observed downward correction. This upward trend could then drive the bulls towards their next target—the $1,350 resistance.
If bearish momentum prevails, the price of MKR may decline towards support levels. The first support is at $1,044, with a possible further drop to $826.
