Renowned crypto analyst Crypto Tony shared his latest insights on Maker (MKR), suggesting a cautious approach for investors. In a recent X post, the analyst noted that the safest entry point for MKR would be if it clears the $330 mark. Until this level is cleared, the analyst advises investors to exercise caution.
According to data from the renowned analytical platform Santiment, MKR has seen a marked uptick in social dominance and volume. These metrics, which measure the cryptocurrency’s prominence and activity level within the community, suggest a surge in user engagement. This heightened activity indicates a pending price breakout, as increased discussion and interest often precede major market moves.
The daily chart of MKR showcases a compelling channel pattern, with the price currently at a critical threshold. This pattern and a noticeable increase in trading volume and social media attention point to a potential breakout. The rise in these metrics is often seen as a precursor to significant price movements in the cryptocurrency market.
From a technical perspective, MKR has been in a corrective trend over the past two months. However, this trend might be nearing its conclusion. The daily chart reveals a descending triangle pattern, which often signals a corrective phase’s end and a new trend’s beginning.
MKR is trading at $2,801, indicating a slight increase of 0.48% in the last 24 hours, but a definitive trend has yet to be established. On the upside, the 50-day Exponential Moving Average (EMA) and the significant $3000 level are key resistance points. If MKR could overcome these hurdles, it could herald the start of a new bullish cycle for cryptocurrency.
Conversely, MKR might head towards its annual lows if bearish forces regain control and the price breaks below the monthly lows. This would indicate continuing the bearish trend and could lead to further declines.
Investors are watching closely with the broader market showing signs of recovery and key technical indicators pointing towards a potential breakout. Whether MKR will overcome its current resistance and begin a new bullish cycle or bearish pressures remains to be seen.
