Maker Price Heats Up, Soars 12% In A Week — Is $1,850 The Next Stop?
29 September 2024 - 8:00AM
NEWSBTC
The cryptocurrency market has been on a red-hot streak in the past
week, with most large-cap assets posting significant gains. The
Maker (MKR) token is another one of the assets enjoying a positive
week, with the DeFi (decentralized finance) coin recording a 12%
price increase in the last seven days. Analyst Forecasts $1,850
Target For Maker Price In a recent post on the X platform,
prominent crypto analyst Ali Martinez has put forward an exciting
outlook for the price of Maker over the next few weeks. According
to the crypto pundit, the token appears to be gearing up for a
bullish breakout soon. Related Reading: Render (RENDER) Shows 23%
Surge As Sharks & Whales Continue To Buy The rationale behind
this bullish projection is the chart formation of an inverse
head-and-shoulders pattern on the four-hour timeframe. For context,
the inverse head-and-shoulders pattern is a technical analysis
formation characterized by three distinct troughs; a lower “head”
between two higher “shoulders”. This chart often indicates a
potential bullish reversal, where there is a shift from a downward
trend to an uptrend. This trend reversal is confirmed when the
price breaks above the neckline, which is a trendline connecting
the peaks from the head-and-shoulders pattern. As shown in the
highlighted chart, the Maker price has only just successfully
broken above the neckline and appears to be retesting the
trendline. Martinez noted that this breakout seems like a precursor
to a 12% rally that would see the DeFi coin reclaim the $1,850
level. In a separate post on X, Martinez shared another bullish
analysis for the price of MKR. This latest projection is based on
the Tom Demark (TD) Sequential indicator, which is used in
technical analysis to identify potential points of trend exhaustion
and price reversal. According to Martinez, the TD Sequential
has flashed four buy signals on the Maker three-day chart. This
observation combined with the bullish breakout from the
head-and-shoulders neckline suggests that a huge rally might be on
the horizon. One of the leading tokens in the #RWA sector,
#Maker $MKR, is gearing up for a bullish breakout! The TD
Sequential indicator has flashed four buy signals on the 3-day
chart, suggesting it’s time to accumulate #MKR before it moons!
pic.twitter.com/wfyayhB5rX — Ali (@ali_charts) September 27, 2024
Martinez hinted that this might be a critical period for
accumulating the Maker token before its value skyrockets. Moreover,
the cryptocurrency market, specifically the altcoin sector, appears
to be veering towards an optimistic climate in the past few weeks.
MKR Price At A Glance As of this writing, the price of Maker stands
at around $1,691, reflecting a 5% increase in the past day.
Related Reading: DogWifHat Whale Doubling Down, Buys More WIF:
All-Time High Incoming? Featured image from iStock, chart from
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