Did you know that MKR hits a year high of $1,600, breaking past the previous resistance level of $1,365? This breakthrough indicates a robust bullish sentiment in the market, signifying potential further gains in the near future. But what does this mean for the future of MKR?
A Look at MKR’s Recent Performance
The digital asset, Maker (MKR), has been on a remarkable run, closing out September with a strong rally of 25%. This surge saw the DAO token shatter the previous resistance level of $1,365 and achieve a yearly high of $1,600. Despite experiencing a double pullback at the $1,577 resistance level, MKR maintained its upward trajectory across various timeframes.
Simultaneously, Bitcoin (BTC), the leading cryptocurrency, kicked off October with a strong start, reclaiming the $28k price level. This bullish momentum has been a significant factor in overcoming bearish resistance.
Breaking Down the Resistance
The $1,365 resistance level had been a considerable obstacle for Maker’s bullish trend for over a month. There were two rejections at this level on August 2 and September 21. However, during the latest retest, the bulls ramped up the buying pressure, leading to a surge in the Relative Strength Index (RSI) into the overbought zone. This shift broke the bearish resistance at this level and propelled MKR to a 2023 high of $1,600.
Despite the pullback, the On Balance Volume (OBV) continued to trend higher, indicating the presence of more bullish momentum. With the return of bullish sentiment to the market, it is likely that MKR could hit another year-high in the coming days.
Future Prospects for MKR
Buyers have continued to take advantage of the bullish momentum in the futures market. As of the time of writing, long positions held a 51.54% share of the open contracts, which equates to $27.56 million worth of buying positions. This trend suggests that the bullish uptrend and the buying momentum could translate into further bullish gains in the short term.
The short-term targets for MKR involve breaking through the $1,577 resistance level and flipping it into support. This shift could pave the way for further gains, potentially pushing MKR’s value between $1,600 and $1,650.
If you’re interested in tracking the performance of MKR and other cryptocurrencies, consider using the cryptoview.io application. It offers a comprehensive view of the market, allowing you to make informed decisions about your digital asset investments.
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