- MKR price is showing strength as the price breaks out of a downtrend with good volume and eyes on $1,200.
- MKR was recovering from a low of $600 when the price surged to a high of $1,000 and preparing for a rally as the price sees a key resistance of $1,200.
The price action exhibited by Bitcoin (BTC) has had a negative impact on most altcoins as some lost their key support, but Maker Dao (MKR) continues to show strong strength as the price breaks out of a long move lower. The recent Consumer Price Index (CPI) news had a major impact on the crypto market as the price of BTC dropped to a low of $18,200 before rallying to $19,300, with many altcoins like Trust Wallet Token showing bullish strength nonetheless. (Binance data)
Maker DAO (MKR) price analysis on the weekly chart
The past few weeks have not been the best for the crypto space and most projects as CPI news negatively impacted most projects as crypto assets struggled to secure their key support zone.
The news saw Bitcoin (BTC) price post a sharp drop to a region of $18,200 before rallying to $19,500; This drop saw many assets lose their support zones, but some crypto assets showed immense strength, with MKR looking strong going into the weekly close.
After falling to a weekly low of $600, the price of MRK surged from that low to a high of $1,000 and showed bullish signs as the price closed bullish and opened with a bullish candle.
MKR price has formed a bullish structure and could retest the $1,200 high, if MRK price breaks through and closes above this $1,200 area acting as resistance we could see a price rally to a high of $1,700 , but if the price is rejected by MKR, the price at $850 would be a good support zone.
Weekly resistance for MKR price – $1,200.
Weekly support priced at MKR – $850.
Price analysis of MKR on the daily chart (1D).
Daily MKR Price Chart | Source: MKRUSD on Tradingview.com
On the daily timeframe, MKR price continues to look bullish as the price is trading above the key support formed by the uptrendline at $850 as the price continues to respect this uptrendline, which helps MKR maintain its bullish structure on higher price trends.
MKR price has shown strength as the price failed to break below the uptrend line as the price is facing resistance to break above $1,200.
Daily resistance for MKR price – $1,200.
Daily support for MKR price – $900.
Featured image by zipmex, charts by Tradingview
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