Despite weak market sentiments, Maker (MKR) showcases a robust bullish trend, rising by 25% in the last 24 hours.
Current Market Situation
The broader cryptocurrency market cap has declined by 1.18%, with Bitcoin down nearly 3.24%, standing at $88,912. The fear and greed index also dropped, indicating fear in the market.
Maker (MKR) Price Surge
Amid the overall market downtrend, MKR price is showing resilience with a 25% surge in the last 24 hours. About 91% of community sentiments are bullish, reflecting strong buyer confidence. CMC data shows MKR trading at $1691.64 with a day trading volume increase of 56.94%. Market cap stands at $1.44 billion and 24-hour trading volume at $294.08 million.
Technical Analysis and Forecast
The MKR price broke above the 50-day and 200-day EMA, indicating fresh buying momentum. RSI and MACD are in bullish territory, signaling a buyer’s dominance. Sustaining above key exponential averages could lead to a rally towards $1800 and $2000. The technical summary indicates strong bullishness with 16 out of 26 indicators on the buying side.
Despite the overall market weakness, MKR's robust growth highlights its resilience and investor trust in its prospects. Technical indicators continue to support the bullish trend, paving the way for potential growth above $1800.
