MKR Technical Analysis: Buyers Ready To Reclaim The $1000 Mark

MKR price action shows a bullish reversal challenging the sellers at $1000 and the 20-day EMA after the consolidation at $700. Key technical points: The MKR market price has increased 25% over the past 24 hours. The uptrend challenges the 50-day EMA. The 24-hour trading volume of Maker is $111 Million, indicating a hike of 68%. Past Performance of MKR The MKR price action shows a bullish reversal from the support level at $700 after a short consolidation range resulting in a 30% jump to reach the 20-day EMA. The double bottom formation and the lower price rejection candles were evident in the growing bullish influence over the consolidation. Source- Tradingview MKR Technical Analysis The MKR prices surpass the $900 mark and attempt to surpass the 20-day EMA(blue) to continue the uptrend to $1000. Moreover, the increase in trading volume supports the possibility of an uptrend continuation. The MACD indicator shows a reversal in the fast and slow lines that may shortly lead to a bullish crossover, a buying signal for short-term traders. Moreover, the fall in negative histograms teases a potential resurgence of a bullish trend. The RSI slope gradually rises higher to surpass the 14-day SMA but takes a lateral shift before reaching the halfway line. Hence, the indicator reflects a resting phase due to the higher price rejection. The spike in Maker’s market value challenges the 20-day EMA that has provided resistance to multiple bu...