Maker (MKR) shows signs of readiness for a significant move as it approaches the apex of a multi-year symmetrical triangle. Traders are anticipating an important breakout.
Symmetrical Triangle of MKR and Potential Breakouts
The long-term chart of MKR shows a symmetrical triangle formation beginning in mid-2021. This structure often leads to strong price expansion as market indecision resolves. The triangle is nearing its apex, increasing the probability of an imminent breakout.
Fibonacci and Target Levels for MKR
MKR is currently near the 61.8% Fibonacci level, frequently a price pivot point. In case of a bullish breakout, a move towards the $3,600 to $4,000 price range is possible. Alternatively, a bearish breakdown might take MKR back to its previous support range between $950 and $700.
Watch for MKR Volatility
The symmetrical triangle on MKR’s chart spans nearly four years, suggesting this move will be technically meaningful. With a current 24-hour trading volume of $78.3 million, increased market participation may precede the final breakout. Price compression is reaching its limit, suggesting a swift and decisive move based on classical chart principles.
As the breakout approaches, traders should keep a close eye on MKR's reaction around the upper trendline for clues on directional momentum.
