Maker (MKR) Prices Have Risen 13.64% as Bulls Outpace Bears

The bulls have triumphed in rectifying the bearish trend in the Maker (MKR) after a tumble and sell-off over the past 24 hours. In this rebound, the price of MKR soared by 13.64% to $764.83.

The increase in market capitalization and 1-day trading volume by 13.70% and 3.60%, respectively, to $769,669,473 and $79,257,655, is what is accountable for this market boom.

MKR/USD 1-day price chart (Source: CoinMarketCap)

The upper and lower Bollinger Bands intersect at 780 and 615, respectively. The bands’ enlarging denotes increased market activity, which alludes to a breakout. The notion that the market has moved above the upper band implies that the bulls are in charge and may prolong this trend.

The Relative Strength Index (RSI) is at 57.45 and has been stable in recent hours, indicating equal buying and selling pressure in the MKR market, insinuating that the bullish trend will carry on.

Although the MACD line is negative, it has traversed the signal line and is currently pointing upwards, moving into the positive region with a reading of -8. This bullish trend is also bolstered by histogram movement in the positive territory.

MKR/USD 2-hour price chart (Source: CoinMarketCap)

As the short-term Moving Average crosses above the long-term Moving Average, bullish momentum in the MKR market is assured. The 5-day moving average is at 749, while the 20-day moving average is at 698. This uptrend is also supported by market price movement above both MAs.

The Coppock curve, which has recently risen from the negative region to a reading of 8, also supports a steady increase in the MKR market.

MKR/USD 2-hour price chart (Source: CoinMarketCap)

Overall, the market is projected to stay optimistic, with major technical indications predicting further advances in the near future.

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