- MKR broke above its descending channel, rallying 35%.
- Support at $2,039.85 and resistance at $2,273.51 guide future movements.
- Rising against BTC and ETH signals growing buying momentum.
MKR, the native cryptocurrency of the Maker ecosystem, has demonstrated strong upward momentum in a market that many traders say has been weak in recent weeks. The price of MKR jumped by nearly 35% following a breakout from a descending channel, reflecting growing confidence in the asset’s ability to perform against the broader market trend.
On the 4-hour chart, MKR managed to break out of its downtrend channel in early June. Subsequently, buying pressure mounted and the price rallied from a low of $1,700 to a high of $2,250.65. The upmove indicates an increase in momentum on the asset and shows that it is robust enough to outsum the most other tokens that are now losing momentum.
Support Holds as Resistance Looms
Analysis of the price action shows strong support at $2,039.85, a key level that previously acted as resistance during the initial recovery. Market participants are now watching this area closely to gauge whether it will act as a base for future upward moves or if the price might consolidate here before attempting another breakout.
Source: (X)
Using the 4-hour chart, MKR successfully broke its downward channel at the beginning of June. Shortly thereafter, buying pressure intensified, and the price jumped from a low of $1,700 to a high of $2,250.65. The breakout indicates the growing trend for the asset, as well as its ability to outperform the majority of the other tokens, which are currently losing value.
MKR Gains Momentum Across Markets
The 8.9% rise in price over the last 24 hours highlights a growing buying momentum. Also, the MKR/BTC pair is 7.2% up and the MKR/ETH pair is 4.9% better. These signals refer to the continuation of the rebound not just against US dollars but also versus leading cryptocurrencies.
In the meantime, traders will be keeping a close eye on price action to see if this momentum can be maintained and if MKR can break through its resistance to reach new heights in the days to come. The ability to sustain this upward momentum will be a telling barometer of the market’s faith in the direction the asset will move going forward.
