MKR Price Expecting Breakout: Could it Gain 80%?

The Maker (MKR) price has been in a bearish trend since December and has dived below the $1,200 level. Since December, the price has declined by 53% and has reached the bottom.

Key Insights:

The price of Maker (MKR) has been in a bearish trend since December, falling below the $1,200 level.

From December, the price has decreased by 53%, reaching the bottom.

On the technical chart, MKR price has been bearish for the past few weeks, but analysts are expecting a massive bounce back.

According to their analysis, the price is expected to trigger a breakout from the falling wedge pattern.

MKR Price Expecting Breakout: Could It Gain 80%?

Crypto analyst @PremDegen believes that Maker crypto is showing potential for a positive performance.

MKR price has been falling, forming a falling wedge pattern. Amid this bearish trend, the price has found support around the $1,125 mark.

From the chart structure, buyers are interested in the support level and might prefer to lead the trend.

If the price receives buying pressure at the support level, it could be a buying signal. Once the price departs from this territory, the price is expected to hit the $1,926 mark.

MKR Price Has Formed a Falling Wedge Pattern

At press time, Maker crypto was trading at $1,148.00, down 4% in the past 24 hours. The market capitalization was $1.02 billion, and the 24-hour trading volume was $112.18 million.

According to the technical chart, Maker price has formed a falling wedge pattern on the daily time frame. It has been wandering in breakout territory.

Once the price manages to defend the support level of $11,24, it could be a buying signal.

If the price breaks out from the wedge, strong buying momentum can be anticipated.

If the price exceeds the 20-day EMA, buyers might be confident and a bullish rally could be observed.

On the other hand, if the price slips below the major support level, sellers may dominate. Losing this level might bring fear among buyers, which could be a bearish sign. It might be difficult for buyers to bounce back once the price sustains below the support level.

Turning to the technical indicators, RSI has been falling for a longer time and has entered the oversold zone.

MKR coin price has been struggling below the key moving averages, which showcases the bullish forecast.

Maker Price in Breakout Zone; What’s Next?

Maker price is currently positioned at a pivotal point where it may soon experience a breakout from the bearish trend that has persisted since December.

With the recent formation of a falling wedge pattern, technical analysts are optimistic about a potential bullish rally if buyers can maintain momentum at the support level of around $1,125.

A successful breakout from this pattern could see MKR reaching up to $1,926, representing an 80% gain. However, if the price falls below the critical support level, it could signal further bearish pressure, making it challenging for buyers to regain control.

As such, market participants should closely monitor the price action around these key levels to navigate possible trading opportunities effectively.

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading