- MKR breaks above $890 as price eyes a rally to a high of $1,000 on higher timeframes
- MKR looks bullish as the price trades above a key region of 50 and 200 Exponential Moving Averages (EMA)
The price of Maker DAO (MKR) has struggled in recent times to trade higher but showed more strength, rallying to a high of $900 as the price could be set to rally more.
Bitcoin’s price looked like it could hit a low of $22,500 to a region of $21,500 as the price had a monthly close slightly above its previous monthly close price bounced with much strength rallying from a low of $23,100 to a high of $23,800 as the price could rally more towards a high of $24,500 to $25,000 acting as strong resistance for the price of BTC.
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With BTC’s price looking more promising recently, the market has responded pretty well as the price of Maker DAO (MKR), and other crypto assets have shown much strength to rally higher.
Maker DAO (MKR) Daily Price Analysis
MKR’s price declined to a region of $500 on the daily timeframe as the price struggled to show much strength. With the market bouncing back to its yearly low at the start of a new year, the price of MKR has responded much more convincingly as the price rallied to a high of $750, where it faces resistance to break higher.
MKR has shown a price breakout after struggling to break out of the bullish ascending triangle it has formed. With the price showing more strength to rally higher, we could see the price reclaiming the region of $1,000.
After breaking above the key level of 38.2% Fibonacci retracement level, which corresponded to $760, the price of Maker DAO (MKR) rallied to a high of $900 as the price aimed to go higher. There are high chances of the price of MKR rallying to a high of $1,000 or more depending on the buy orders and market conditions.
Image from coingape, chart from Tradingview.com