Maker Price Prediction for 10th of October: MKR/USD Market is Hyperbullish

It all started on the 22nd of September with a bullish engulfing candle pattern and it continued daily, attaining new heights as it progressed. However, at some points in the Maker market, it ranged sideways due to bearish resistance. After the brief stop, it continued again to the upside with very strong momentum. The interest in traders to buy and sell this crypto is reaching the sky as the trading volume increases daily. With such a bullish market move as this, we should expect a soon price retracement or a trend reversal. And this is what we are now seeing playing out on the chart.

Maker Market Price Statistic:

• MKR/USD price now: $916
• MKR/USD market cap: $894,629,757
• MKR/USD circulating supply: 977,631.04
• MKR/USD total supply: 977,631
• MKR/USD coin market ranking: #53

Key Levels

• Resistance: $1000, $1100, $1200 
•  Support: $800, $700, $600

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Maker Market Price Analysis: The Indicators’ Point of View

When a market moves at such momentum as this one, it is expected that the price will pull back. In some cases, such hyper-bullish momentum can even result in a trend reversal. But in this case, we can see the market already resuming its bullish trend again after the brief price pullback. The bulls in this market appear to be stronger than the bears. The price pullback started and yesterday spilt over into today’s session. In that yesterday’s trading session, the RSI line entered the overbought zone measuring 79% before retracing a lower measure.

 MKR/USD 4-Hour Chart Outlook 

From this point of view, we can conclude that the market will continue to trend up. The price action has corrected itself into the band of the indicator, therefore, there is room for more performance in the bullish trend. Also, due to increasing pressure in the market, the Bollinger band is widening out. This means the volatility is increasing. Traders should invest with caution. But, with this type of bullish momentum, the price should attain to $940 price level today.