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Maker (MKR) Price Prediction: Will MKR Price Break the $1,500 Barrier?

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MKR
MKR

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The Maker DAO token (MKR) experienced a second bullish leg, surging by 15% and reaching the resistance point of $1385.

According to GeckoTerminal.com, as of 7:20 a.m. EST, MKR is trading at $1311, reflecting a 0.7% increase in the last 24 hours and a 13% increase in the last seven days. 

Moreover, its daily trading volume is $108 million, a gain of about 15%. Can MKR continue with the uptrend and the $ 1,500 barrier? 

MKR Encounters A Double Bottom Pattern

MKR/USD Chart Analysis. Source: Geckoterminal.com
MKRUSD Chart Analysis. Source: Geckoterminal.com

MKR is exhibiting a gradual uptrend, spurred by the formation of a bullish pin bar at $597. Nevertheless, the bulls have hit a roadblock at $1385, forming a double-bottom pattern that suggests an impending shift toward a bearish trend.

If this pattern holds, the bears could gain control, pushing the price down to the double bottom’s neckline at $1000 and potentially even lower to the critical support level at $600.

The moving average lends further credence to this bearish perspective, provided the price continues to trade below it. 

Currently, the moving averages sit above the price, indicating that the bulls still retain a chance to drive prices upward.

The relative strength index (RSI) supports the bullish outlook, standing at 64, suggesting a general surge beyond the overbought region, which could encourage the bulls to reach higher price levels.

However, our analysis leans towards a bearish bias for MKR’s price, reinforced by the double bottom pattern, with key support zones identified at $1003 and $600.

On the flip side, if the price-moving averages remain resilient and a candlestick opens above the resistance zone, this could offer a platform for the bulls to regroup and potentially propel prices to resistance zones at $1385 and $1500.

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