MKR Up 7.61%: Can the Price Break Above $2,650 for a Major Rally?

Maker is currently forming a falling wedge pattern on the 12-hour timeframe, signaling a potential bullish breakout as highlighted by ZAYK Charts, an analyst. This pattern, often seen as a bullish reversal, is characterized by two converging trendlines that slope downwards. 

The lower trendline of the descending wedge is acting as a strong support level, with multiple touchpoints confirming its significance. This line has consistently provided a foundation for the price to bounce back. Moreover, the horizontal support level of around $2,140 has been a critical zone in which buying interest has repeatedly emerged, preventing further declines.

On the resistance side, the upper trendline of the descending wedge has proven to be a formidable barrier. The price has faced numerous rejections at this trendline, underscoring its strength. 

Additionally, the horizontal resistance level around $2,650 is another crucial zone. A break above this level would not only signify a bullish breakout from the wedge but could also trigger a substantial price rally.

Currently, Maker’s price is showing positive momentum. It has recently bounced off the lower trendline support and is heading towards the upper trendline resistance. It would be a strong bullish signal if the price breaks above the descending wedge pattern’s upper trendline and the horizontal resistance at $2,650. This could pave the way for a significant upward movement.

The projected target of a 46.26% rise from the breakout point underscores the potential for a substantial price increase. This target, around $3,800, represents a significant upside potential. 

The projection is based on the height of the descending wedge pattern applied from the breakout point. Such a move aligns with the typical behavior of prices breaking out from descending wedge patterns, where the price often moves an equivalent distance to the pattern’s height.

As of press time, Maker price today is $2,526.76, with a 24-hour trading volume of $113,962,658. Maker has experienced a 7.61% increase in the last 24 hours.