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Title: Maker: As MKR sees ‘Cup-and-Handle’, watch out for THESE resistance levels
The cryptocurrency market has been witnessing a surge in recent times, with Ethereum [ETH] breaking new highs. This uptrend has had a significant impact on other cryptocurrencies as well, including Maker [MKR]. MKR is now being closely monitored by analysts, who predict it could potentially target $5,000 in the year 2025.
As MKR trades at $1,727.42 at press time, after experiencing a slight decline of 0.69% in the last 24 hours and a weekly drop of 15.47%, experts believe that this trend may not be over yet.
One of the primary reasons for this prediction is the recent breakout from a prolonged downtrend. MKR had been trading within a descending channel characterized by lower highs and lower lows between March and November 2024, but it has now managed to break out of this channel in late November. This signals a potential reversal in price.
Furthermore, the formation of a cup-and-handle pattern visible between September and November adds further fuel to the bearish forecast. According to technical analysis, such patterns typically indicate a rally in the medium term.
The price currently trades around $1,746 with support levels at $1,760 and $1,440. It is essential for MKR’s price to reclaim its 200-day moving average ($1,919) to keep the upward momentum intact.
MKR targets $5K
A crucial level of resistance has been identified at $2,200. If MKR can break above this barrier, we could be in for a potentially explosive rally towards $3,800 and even $4,400.
In terms of on-chain data, 62% of long-term holders are still in profit at the current price.
Source: ambcrypto.com
