Analyst Bullish Upto $5000, Can MKR Crypto Skyrocket Soon?

• 1 The Volume-to-market cap ratio indicates moderate liquidity, with 92.35% of MKR in circulation. 
• 2 With a $2.325 Billion market cap and $112.133 Million 24-hour trading volume, MKR was ranked 39th Coinmarketcap. 
• 3 On-chain metrics show high concentration by large holders and a majority of holders making profits in MAker (MKR). 

Fueled by nearly 18% in the last 72 hours, Maker (MKR) highlighted strong bullish momentum. Ranked 39th on Coinamarketcap, this crypto has a $2.325 Billion market cap and $112.133 Million 24-hour trading volume. The volume has witnessed a 34.41% surge, and the market cap surged 6.71%.

The Volume-to-market cap ratio signifies moderate liquidity, and its 92.35% circulation is out in the market from the total supply of 977,666 MKR.

Maker (MKR) 1.D. | Source: TradingView

MKR is above the long-term 200-day EMA and approaches the 50-day EMA to cut from below and propel upwards. Meanwhile, the RSI flashed at 53.10, which has taken a jump from 14-SMA, and MACD shows a growing histogram at 28.17, with a bullish cross. Overall, the technical indicators are pointing towards the anticipation of a massive move coming in the future sessions.

What Do On-Chain Metrics Show?

The Maker (MKR) crypto has an 82% concentration by large holders, and 76% of holders are making money at the current price. Meanwhile, the holding composition of Maker (MKR) shows that 81% of holders have been holding for more than a year.

On-chain metrics | Source: Intotheblock

Moreover, the 7-day total exchange outflows are $54.94 Million, and the total exchange inflow is $59.80 Million. A number of big transactions, each with an amount value greater than $100,000, in the last 7 days was $50683 Million.

What Does Maker (MKR) Price Signify On the Daily Chart?

A trader, Goku Sen, posted an optimistic tweet, noting that MKR could go towards $5000, which would make nearly 2x gains from the current price level.

As per the Maker (MKR) price structure on the daily chart, the price rose more than 200% from December 20th, 2023, to March 31st, 2024, from $1200 to $4087, respectively.

However, the trend was violated as the bears’ dominance increased, pushing MKR into a falling wedge. After falling, the range narrowed and dropped to form a support at $2098 by June 24th, 2024.

In the last few days, the price has been displaying optimism at higher levels, was very close to breaking out of the falling wedge.

Therefore, if the price breaks out of the wedge, then it could recapture lost territories, with resistance from $2800 and $3100. However, if MKR fails below the $2098 mark, bears could target the $1800 and $1600 marks.

Key Takeaways in Maker (MKR)!

MKR experienced an 18% increase in the last 72 hours, signaling strong bullish momentum. The volume has surged by 34.41%, while the market cap increased by 6.71%. 

Technical indicators suggest a potentially massive move in future sessions, with the price approaching the 50-day EMA. The price on the daily chart has the potential to reach $5000, with resistance at $2800 and $3100 and support at $2098, $1800, and $1600.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.