Pending order price analysis
Maker price has risen by about 10% in the past day, resulting in the altcoin successfully recording a bullish reversal. Moreover, the MKR token is signaling a bullish momentum this month as technical sentiment and on-chain data favor the project.
Will the master protocol behind the DAI stablecoin continue to gain momentum and retest its $2,000 cap price target this month? In this article, we cover an in-depth price explanation and possible targets for the Maker (MKR) crypto token.
MKR Token Price Records Bullish Action Increased!
As the cryptocurrency market recovers strongly, the Maker token has gained 9.87% in the past 24 hours, with a trading volume of $184.94 million. Since then, the MKR token has reclaimed $14,000 for the first time in about a month.
In the long term, this altcoin has formed a descending channel pattern and has been trading within it since August. Notably, with a market cap of $1.235 billion, it has been ranked 62nd in the market.
Maker Dao Technical Viewpoint
The Moving Average Convergence Divergence (MACD) shows that the green histogram continues to rise, with its average recording similar price action on the 1D timeframe.
Furthermore, the SMA indicator has registered a positive crossover on the MKR price chart. This suggests that this Ethereum-based altcoin will continue to appreciate in value in the coming period.
Will MKR Price Retest $2,000 This November?
If the bulls continue to gain momentum, the Maker token price will be ready to retest the resistance trendline of its channel pattern. Maintaining the bullish sentiment could lead it towards its overhead resistance at $2,125 this month.
However, if a bearish reversal occurs, this could lead the altcoin to retest its import support trendline at $1,120. Also, if the bears outweigh the bulls, this could lead it to set a new yearly low in the fourth quarter of the year.
