Last week, MKR broke through the crucial $1200 resistance level, signaling a potential breakout from the ongoing downtrend. Key levels to monitor include $1500 and $1000.
Breaking the $1200 Resistance Level
Last week, MKR firmly broke the $1200 barrier, signaling the potential end of a long-term downtrend. Successful breaching opens room to reach towards $1500, and beyond to $1800 if bullish pressure continues. The critical support level remains at $1000.
Current Assessment and Data
Currently, MKR is priced at $1320. On-chain data shows 21.25% of holders are in profit, indicating improved investor sentiment. 57.06% of holders are at breakeven. A recent increase in large transactions hitting a 7-day high indicates institutional interest. With a majority of holders profiting or breaking even, reduced sell pressure could lead to further upside.
Future MKR Movement
The restoration of bullish momentum for MKR hinges on surpassing the $1500 resistance. Data supports demand at this level, coupled with institutional activity signals potential for an uptrend. Despite the RSI nearing overbought territory, which suggests a potential pullback, holding the $1320 level is crucial. Failure to hold may retest $1000, a strong accumulation area. A confirmed breakout above $1500 with high volume will validate bullish movement.
Levels $1500 and $1000 are critical for MKR's future movement. High-volume breakouts will open up further growth opportunities.
