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Maker Breakout Analysis – MKR Pumps +156% in a Week with Active Uptrend
Maker MKR is trading in uptrend here like many other altcoins. The Cryptocurrency MKR just went up +54% in a single day by breaking a Bullish rectangle with strong buying volume and surges over +156% in a week.
What is Maker?
Maker (MKR) is the governance token of the MakerDAO and Maker Protocol — respectively a decentralized organization and a software platform, both based on the Ethereum blockchain — that allows users to issue and manage the DAI stablecoin.
Maker Quick Stats
| SYMBOL: | MKR |
| Global rank: | 23 |
| Market cap: | $2,209,706,966 AUD |
| Current price: | $2,126 AUD |
| All time high price: | $2,548 AUD |
| 1 day: | +54.38% |
| 7 day: | +156.96% |
| 1 year: | +275.73% |
MKR Price Analysis
At the time of writing, MKR is ranked 23rd cryptocurrency globally and the current price is $2,126AUD. This is a +156.96% increase since 4th January 2021 (7 days ago) as shown in the chart below.
If we see the above 1-day candle chart, MKR did a strong breakout from the bullish rectangle pattern while trading sideways from the last few days & is now heading towards its major resistance of the month. After BTC made a new all-time high in its price recently and Altcoins are also rising in a bullish trend, MKR looks well-positioned to hit the next high price levels.
“Bullish rectangles are continuation patterns that occur when a price pauses temporarily during an uptrend – they offer you a buying opportunity. … you place your profit target the same distance above the rectangle’s upper resistance level as the distance between the rectangle’s two parallel lines.”
What do the technical indicators say?
The MKR TradingView indicators (on the 1 day) mainly indicate MKR as a buy, except the Oscillators which indicate MKR as a sell.
So Why did MKR Breakout?
The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying MKR for the next Altcoins rally & it could also be contributed to some of the recent news of Executive Voting Portal.
Recent MKR News & Events:
- 07 October 2020 – P2PB2B Listing
- 19 October 2020 – WazirX Listing
- 28 October 2020 – Dcoin Listing
Where to Buy or Trade MKR?
Maker has the highest liquidity on Binance Exchange so that would help for trading MKR/BTC or MKR/USDT pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
