- Maker looks forward to a bull-flag breakout in a bid to reclaim the all-time high.
- MKR/USD is likely to remain in consolidation mode as suggested by on-chain metrics.
Maker draws closer to a bull-flag breakout
MKR/USD is doddering at $1,093 at the time of writing. The price is very closing to stepping above the bull flag pattern’s upper boundary, which might result in another breakout targeting the recently traded yearly high at $1,240.
The 4-hour chart shows that the price is in the hands of the bulls, especially with the 50 Simple Moving Average, extending the gap above the 100 SMA and the 200 SMA. Simultaneously, the Relative Strength Index is levelling slightly under the overbought region. A spike into the area above 70 would call for more buy orders and perhaps create enough volume for gains above $1,200.
MKR/USD 4-hour chart
The IOMAP chart by IntoTheBlock reveals that Maker is trading between two crucial ranges. The range ahead is an immense resistance running from $1,024 to $1,054. Here, 145 addresses previously bought roughly 14,000 MKR. It will be an uphill battle to slice through this zone, but if the bulls make it, MKR/USD might rally to price levels around $1,113.
Maker IOMAP chart
On the downside, the second range runs from $992 to $1,021. Here, 868 addresses previously purchased approximately 15,000 MKR. This is immense support likely to remain, suggesting that consolidation may take precedence in the near term.