Is $2,500 Next In MKR Price?

14 Ogo

Before MKR's price recently bounced back to $2,097, the asset price had experienced an approx 40% decline, dropping as low as $1,714.

This witnessed a consistent decline in the MKR price over the last few weeks, followed by a lower low swing on the chart.

As per the earlier price structure, the continued degradation occurred from the second quarter. Likewise, the following behavior of the Maker has led to the formation of a pattern, precisely the declining channel pattern. Following the most recent price action on the chart, the asset took support from the lower border of the wedge.

Depending on the buyer's sentiment, a rally could pop out if further strong bullish candles are formed, followed by a higher high swing.

Similarly, the rise could lead towards the upper border of the channel. Likewise, if the MKR price continues to increase and break above the wedge's upper border, we might witness a shift in the price trend towards a bullish trend.

Looking at indicators, the price is poised to pierce the EMA bands from below (50-day and 200-day). The histogram has decreased, which signifies a reduction in bear pressure, and a bull cross seems anticipated. Meanwhile, the RSI has been displaying a recovery ongoing from oversold territory, where it recently flashed at 43.08.

Therefore, the targets are at $2390 and $2590, followed by the supports at $1880 and $1690.