Maker Price Spikes 21% Amid $153M MKR Burn – Analyst Predicts a Rally to $4,099 Mark
Highlights:
- Maker price rallies 21% to $1,447 as trading volume spikes 166%.
- The recent upswing comes as about $153M worth of MKR was burned.
- Crypto analysts speculate a breakout in the maker price, targetting the $2,435- $4,099 mark.
The Maker price has defied the broader market turmoil, rallying 44% in a week and 21% in a day. The coin is currently exchanging hands at $1,447, with an intraday low and high of $1,177 and $1477, respectively. Its trading volume has notably spiked 166% to $270.44M, signaling intense market activity.
The recent upswing comes from the DeFi cryptocurrency, which witnessed a staggering $153 million token burn. As a result, market watchers are highly bullish on the token’s future outlook.
🔥 14,000 #MKR (16,979,652 USD) burned at unknown wallethttps://t.co/LPUxObihQh
— Whale Alert (@whale_alert) February 20, 2025
Crypto analyst Solberg has highlighted via X the potential upward trajectory in Maker price. According to the analyst, Maker breakout could send it to the $2,435 – $4,099 mark.
$MKR breakout could send it to $2,435 → $4,099!
Bullish setup forming! 🚀👀 pic.twitter.com/UxJTrOZdaQ
— Solberg Invest (@SolbergInvest) February 20, 2025
MKR Statistical Data
Based on CoinmarketCap data:
- MKR price now – $1,413
- Trading volume (24h) – $270.44 million
- Market cap – $1.24 billion
- Total supply – 873.43 K
- Circulating supply – 846.77 K
- MKR ranking – #71
The Maker price has broken out of a falling parallel channel. It is currently trading at $1,447 and is supported by strong bullish momentum. The price has decisively broken above the 50-day moving averages, signaling sustained upward pressure and increasing trading volume.
With resistance at $1,527 as the next significant hurdle, a breakout could drive the price to higher levels. Conversely, failure to break above this level could result in a pullback toward the $1,220 nearest support level, potentially testing the channel’s upper boundary.
Can Marker Price Break Above $1,527 Resistance Key
The MKR/USD chart illustrates a continuation of the upward momentum above the descending channel. The price has recently surged above the 50-day moving averages (MAs), signaling strong bullish pressure. This breakout is supported by a notable increase in trading volume, suggesting market participants are optimistic about further price gains.
The current price level of $1,447 is approaching the next significant resistance levels at $1,527, $1,635, and $2,071. However, if the bullish momentum persists and the price breaks above $1,527, the market could target even higher levels at $2,430, continuing its long-term uptrend.
On the downside, if the resistance at $1,27 proves too strong, the price might retrace toward the nearest support level at $1,220, aligning with the 50-day MA. A break below this support would lead to further declines at $1,170, $987, and $896. The market remains bullish as long as the price stays above the 50-day moving average, with $1,527 being the key level to watch for the next significant move.
Technical Indicators Show Overbought Pullback
The Relative Strength Index (RSI) is 73.69, meaning the Maker price is in the overbought area. Though this reflects the strong bullish grip on the market, it also suggests that there could be a near-term pullback or consolidation before the next higher leg.
The RSI trendline shows a steady rise, which reflects strong buying interest. However, traders should be cautious in avoiding the bull trap as MKR price could retrace to allow the bull to sweep through liquidity.
The MACD indicator has notably crossed above the orange signal, upholding a buy signal. Moreover, the green histograms are increasing, showing intense buying pressure. Meanwhile, traders are inclined to buy more MKR unless the MACD changes.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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