CandleFocus Maker Price Forecast: MKR could stage 40% rally
2024-11-01
Author: Content Editor
MakerDAO (MKR) has seen a 2% increase and is potentially set for a 40% rise in the coming weeks if it can maintain its move above the descending trendline of a falling wedge. On-chain data supports this bullish outlook after a four-month decline. MKR's price appears to have bottomed out and is testing the upper boundary of the falling wedge pattern. A breakout above the upper trendline could see the token rally nearly 40%. However, it would need to overcome key resistance levels. The RSI momentum indicator and Awesome Oscillator suggest bullish momentum, while the MVRV ratio indicates average investor losses of 25%. MKR's revenue has been trending upward, but increasing exchange reserves could lead to selling pressure. The community is considering dropping the SKY brand name after a rebranding effort.
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