Maker Price Elevates 3% as Analyst Predicts a Rally to $2000

Highlights:

• Maker Price soars 3% to trade at $1,464 as its daily trading volume spikes. 
• If BTC trades sideways, the analyst predicts a surge to the $2000- $2100 mark in MKR price soon. 
• Maker traders are highly over-leveraged at the key liquidation levels, supporting a potential Maker price rally.

The Maker price is the focus today, as it increased 3% to trade at $1,467 on Friday, November 8. The growing interest in the token has seen the daily trading volume spike by 23% to $228 million, and the market cap is up 3% to $1.29 billion. According to data from CoinGlass, maker traders are highly over-leveraged at the key liquidation levels, both on the downside at around $1116 and on the upside at the $1469 region.

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Meanwhile, the long liquidations are higher than the short liquidations. If the short positions are liquidated, the bulls might be close to conquering their next resistance level, supporting a potential Maker price rally.

On the other hand, James Kim, a crypto investor, has taken to the X platform, citing Maker’s potential. He has mentioned that “Maker is gaining strength and the next resistance is 1530$-1600$ in the daily time frame.” The crypto investor is highly bullish, anticipating that MKR will explode to $2000-$2100 if BTC trades sideways. 

#mkrusdt is gaining strength again, next resistance is 1530$-1600$ in daily TF.

If #BTC is sideways here then #MKR will explode soon, the next resistance will be 2000$-2100$. pic.twitter.com/6vXeiY3A2d

— JAMES | Market Enthusiastic (@james_kim87) November 7, 2024

Maker Statistical Data

Based on CoinmarketCap data:

• MKR price now – $1,464
• Trading volume (24h) – $228.72 million
• Market cap – $1.29 billion
• Total supply – 907.67K
• Circulating supply – 877.33K 
• MKR ranking – #62

Like most cryptocurrencies, the Maker price has notably flipped bullishly, tilting the odds in favour of the bulls. The rapid surge in bullish momentum saw the Maker price hit the $1,644 mark before a slight correction. Due to early profit bookings, the Maker price has slightly retraced, exchanging hands at $1,464. 

Maker Price Still Bullish Despite the Slight Correction

Meanwhile, the odds are still stacked in favour of the bulls as the Maker price trades above bullish vital indicators. These include the 50-day MA and 200-day MA, at $1,265 and $1,260, respectively. The bulls have established immediate strong support, leaving them in a resistance-free zone. 

Despite a slight correction from the 82 overbought zone, the RSI still upholds bullish pictures. At press time, it sits at 66.01. This correction was imminent in the market to allow the bulls to sweep through enough liquidity as already sidelined investors hurry to buy lower MKR tokens. 

The MACD indicator notably paints the Maker market bullish, as the blue MACD line has crossed above the orange signal line. This suggests that traders and investors should consider keeping their long MKR positions intact unless the MACD changes. 

Maker Price Outlook

With a zoomed outlook from the technical view, the buyers have the upper hand, painting the big picture bullish. Moreover, the golden cross in the Maker market suggests a long-term bullish outlook. If the bulls sweep through enough liquidity and build enough momentum, the Maker price will rally. 

In such a case, the bulls will obliterate the $1,658 resistance zone, potentially targeting the $1,700 mark or above to $1,800 soon. However, if the Maker price continues with the retracement, the bears will take the reigns, chasing the $1,412 level. 

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