MKR Surge in Progress: Can Maker Break Through the $2K Ceiling?

Maker has rallied over 6%, holding steady near the $1.8K zone. MKR’s daily trading volume has surged by more than 31%. The recent recovery of the crypto industry has triggered the market cap to hit $3.36 trillion. Following that, the prices of major crypto assets have entered the bullish zone. Among the altcoins, Maker (MKR) has emerged as one of the gainers, posting a 6.03% gain in the last 24-hour period. In the early hours, Maker has visited its daily low of around $1,752. With the bulls in command, the asset has hit its high range of $1,959, breaking the key resistances at $1,805 and $1,927. The prolonged gain might help the asset to stay longer within the bullish territory. At the time of writing, Maker was trading within the $1,876 range with its market cap reaching $1.56 billion. Concurrently, MKR’s daily trading volume has increased by over 31.19%, touching $87.27 million. Notably, the price of Maker has surged by 26% over the course of the last week. The asset began trading the week at $1.4K, and then the price momentum chose to move upside, reaching the current trading level. What is Next for Maker After the Recent Rise? The asset has built bullish momentum in its four-hour trading window. The emerging upside correction could push the price toward the $1.9K range. Further uptrend might invite the golden cross to take charge, triggering an upside rally, eyeing the $2K threshold. If the bears take control of the Maker price, it could likely slip to the $1,775 level. An uninterrupted loss of this support might kickstart a steady drop, driving the asset’s price down to the $1.6K zone or even lower with the emergence of a death cross. MKR’s Moving Average Convergence Divergence (MACD) line is found above the signal line. It infers a growing upward momentum and is considered a buy signal in the market. Moreover, the Chaikin Money Flow (CMF) indicator settled at -0.07, signalling that there is slightly more selling than buying pressure, with the money flowing out of the asset. The asset’s Bull Bear Power (BBP) reading of 76 indicates a strong bullish momentum in the market, pushing prices above recent averages. The daily Relative Strength Index of Maker, currently positioned at 59.16, suggests moderate bullish sentiment. The asset may gain further strength if the RSI continues to rise.