<em><strong>According to the technical analysis, MKR prices show a bullish reversal from $750, teasing a trendline breakout entry with the potential of reaching the $1000 mark.</strong></em>

The MKR prices show a bullish failure to rise above the 100-day SMA near $1200, resulting in a bearish trend within the influence of a resistance trendline. However, the buyers challenge the resistance in line with a bullish reversal from the seven $50 support level with a spike in intraday <a href="https://www.cryptoknowmics.com/news/why-trading-volume-matters-in-crypto-investment/" target="_blank" rel="noopener">trading volume</a>. Will this bullish reversal result in a trendline breakout?
<h3>Key Points:</h3>
<ul>
 	<li>The MKR price action maintains a downtrend within the resistance trendline.</li>
 	<li>The bullish reversal from the $750 support level challenges the resistance trendline.</li>
 	<li>With a market cap of $3.17 billion, the intraday trading volume of Maker has increased by 8% to reach $227 million.</li>
</ul>
<img class="alignnone" src="https://s3.tradingview.com/snapshots/d/dnKlETvD.png" alt="MKR/USD Chart" width="2047" height="1057" />

Source - <a href="https://www.tradingview.com/x/dnKlETvD/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>MKR Technical Analysis</h2>
The MKR prices display a double top breakout with the neckline at $1,000, resulting in a downfall to $750. The 25% decline in the market value occurs within the influence of a resistance trendline.

However, the recent bullish reversal from $750 challenges the overhead resistance trendline with a spike in the trading volume. Hence the technical analysis analysis displays a high likelihood of a trendline breakout, which can provide an entry signal for sideline traders.

If the buyers successfully sabotage the resistance trendline, the breakout rally can exceed the 50-day SMA to reach $1000. Conversely, a bullish failure at the resistance trendline will endanger the bullish dominance at $750.
<h2>Technical Indicators</h2>
The RSI slope rises within the nearly oversold zone to rise above the 14-day average line, reflecting an increment in the underlying bullishness.

The MACD indicator displays the fast and slow lines on the verge of giving a bullish crossover, increasing the likelihood of a trendline breakout.

Hence, the technical indicators reflect an increment in the bullish momentum in the MKR price chart.

Resistance Levels: $1000 and $1200

Support Levels: $800 and $750

MKR Technical Analysis: High Bullish Influence Teases Breakout Rally

The MKR technical analysis shows a bullish reversal from $750 teasing a trendline breakout entry with the potential of reaching the $1000 mark.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

MKR Technical Analysis: High Bullish Influence Teases Breakout Rally

Top Picks