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Cryptoknowmics 2022-08-30 10:10:17

MKR Technical Analysis: High Bullish Influence Teases Breakout Rally

According to the technical analysis, MKR prices show a bullish reversal from $750, teasing a trendline breakout entry with the potential of reaching the $1000 mark. The MKR prices show a bullish failure to rise above the 100-day SMA near $1200, resulting in a bearish trend within the influence of a resistance trendline. However, the buyers challenge the resistance in line with a bullish reversal from the seven $50 support level with a spike in intraday trading volume. Will this bullish reversal result in a trendline breakout? Key Points: The MKR price action maintains a downtrend within the resistance trendline. The bullish reversal from the $750 support level challenges the resistance trendline. With a market cap of $3.17 billion, the intraday trading volume of Maker has increased by 8% to reach $227 million. Source – Tradingview MKR Technical Analysis The MKR prices display a double top breakout with the neckline at $1,000, resulting in a downfall to $750. The 25% decline in the market value occurs within the influence of a resistance trendline. However, the recent bullish reversal from $750 challenges the overhead resistance trendline with a spike in the trading volume. Hence the technical analysis analysis displays a high likelihood of a trendline breakout, which can provide an entry signal for sideline traders. If the buyers successfully sabotage the resistance trendline, the breakout rally can exceed the 50-day SMA to re...

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