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Maker Price Prediction: Will MKR Break Out Bullish?

 


The Maker price has risen by around 52% since September. Will Maker Price Now Break Fib Resistances To Break Out Bullish?


The Maker price has already risen by around 52% since it established its low for the year at around USD 581 last month. The histogram of the MACDs in the monthly chart was also able to close bullishly higher last month and it is also starting to tick bullishly higher this month.


With that, Maker established strong support between USD 581 and USD 794, with Maker already exiting this support to target the next Fib resistances. Maker is now encountering significant Fib resistance at around USD 820 and should Maker break this resistance, the next significant Fib resistance is waiting at around USD 970.


On the downside, significant support awaits between around USD 181 and USD 308 if Maker bearishly breaks the previous support.


Can Maker break the bearish trendline?

If Maker breaks the Fib resistance now, Maker could attempt to break the bearish trend line that has been running throughout the bear market. If Maker breaks the trendline at the 200-week EMA around $1,287, Maker could initiate a bullish reversal.


However, for a fully bullish reversal, Maker needs to break the Fib resistances around $2,800 and $4,200.


Overall, however, things are currently looking quite bullish for makers. The histogram of the MACDs in the weekly chart is ticking bullishly higher and the MACD lines are bullishly crossed.

Should Maker correct now, Maker will already find significant Fib support at around USD 770. In addition, the 50-day EMA is already acting as significant support at around USD 784.


Otherwise, significant support is still waiting for the maker course at around USD 700, because that is where the golden ratio support lies.


However, the MACD is rather bearish in the daily chart. The histogram has been ticking bearishly lower since yesterday. However, the MACD lines are still bullishly crossed and the RSI is giving neither bullish nor bearish signals.

A golden crossover was established in the 4H chart, which confirms the short-term bullish trend. The MACD, on the other hand, is bearish as the MACD lines are bearish crossed and the histogram alternates between bullish and bearish movements.

Against BTC, Maker is now facing the golden ratio resistance around 0.044 BTC. In addition, the 50-week EMA runs at around 0.0456 BTC, which also acts as a resistance. If Maker breaks this resistance, the next significant Fib resistances are waiting at around 0.0617 BTC and 0.081 BTC.


The MACD is rather bullish here, because the histogram is ticking bullishly higher and the MACD lines are bullishly crossed in the weekly chart. Maker is finding support at the trendline around 0.03 BTC.


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All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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