news 
Maker: As MKR sees ‘Cup-and-Handle’, watch out for THESE resistance levels
The cryptocurrency market is abuzz with the news of Maker (MKR) breaking a long-term downtrend and surging in value. Ethereum’s recent rally has sparked speculation that MKR could be poised to follow suit, potentially targeting $5,000 in the near future.
MKR’s impressive performance was further validated by the emergence of a bullish cup-and-handle pattern on its chart, which analysts believe may signal an upward trajectory for the token. However, as the crypto market is known for its volatility, investors are urged to remain cautious and watch out for key resistance levels that could impede MKR’s ascent.
Currently trading at $1,746, MKR will need to surpass the psychological barrier of $2,200 in order to unlock the potential for further growth. Any attempts by MKR to break through this level may be met with stiff resistance, potentially leading to a pause in its upward momentum.
Furthermore, analysts have identified key resistance levels at $3,800 and a possible high of $4,400. In order to reach these targets, MKR will need to overcome several significant hurdles along the way, including reclaiming the 200-day moving average ($1,919). Failure to do so could see the token retest its recent support levels near $1,500.
Despite some concerns over reduced futures market activity for MKR, traders are still optimistic about the token’s prospects. This sentiment is fueled by an ongoing surge in trading volume, which has increased by a staggering 41.59% in recent days.
Additionally, it appears that long-term holder confidence remains high, with 62% of holders currently sitting on profit and a notable 84% classified as long-term investors holding MKR for over a year.
Source: ambcrypto.com
