The Maker (MKR) price broke out from a short-term resistance level and could soon break out from a long-term one.
The MKR price has fallen under a long-term descending resistance line since reaching an all-time high in March. The decrease led to a low of $504 in December.
Afterward, the price began an upward movement that was preceded by bullish divergence in the weekly RSI. The indicator is now above 50, confirming the bullish reading.
However, the MKR price has not broken out from the descending resistance line yet. If it does, the next long-term resistance would be at $1,950. On the other hand, a rejection could lead to a drop toward $525.
Will Maker (MKR) Price Break Out?
The technical analysis from the daily time frame gives a similar reading, since the price has fallen under a descending resistance line since August. The line has caused numerous rejections (red icons), the most recent on March 7. While that initially caused a sharp sell-off, the Maker price bounced and reclaimed the $790 horizontal area, which is expected to provide
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Author: Valdrin Tahiri
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