Maker (MKR) Hits 16-Month High: Eyes $1,550 Resistance

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Maker (MKR) Hits 16-Month High: Eyes $1,550 Resistance

  • Maker (MKR) surges to a 16-month high at $1,433, a level last seen in May 2022.
  • The Spark Protocol proposal fuels MKR’s bullish sentiment with strong collateral and liquidity goals.

The cryptocurrency market was buzzing as the MKR token from Maker DAO took center stage, reaching a peak not seen since May 2022, a 16-month high. Further, as of today, September 27, MKR has continued to make a strong impression on investors, surging from its low point of $504 in January 2023 to a significant high of $1,433. With a notable 7% rally in just 24 hours, MKR appears poised to challenge the crucial resistance level at $1,550.

Maker (MKR) now claims the top spot among today’s highest-gaining cryptocurrencies, surpassing the market’s overall trend. Despite a slight 0.29% decrease in the crypto market cap and a 12.41% drop in trading volume, MKR’s remarkable 86% increase in trading activity is testament to its growing appeal.

One of the driving factors behind this surge is the anticipation surrounding a new proposal to deploy the Spark Protocol on the zkSync Era Mainnet. This proposal includes notable initial collaterals for borrowing on the Spark Protocol, such as wETH, rETH, wstETH, and DAI. Furthermore, the proposal outlines a $2 million liquidity goal, aiming to fuel the growth of Spark Protocol on zkSync.

Maker (MKR) Technical Analysis

Analyzing the daily chart, it is evident that MKR has formed seven consecutive bullish candlesticks above the $1,300 range. This pattern signifies a substantial demand for the token and a surge in buying strength within this price zone. Notably, the bulls faced significant resistance at the $1,450 level.

At the time of writing, Maker traded at $1,417, marking an impressive ascent of over 6.2% within the past 24 hours and a remarkable 88% increase over the course of the past year.

Maker (MKR) Price Chart (Source: TradingView)

Looking ahead, if the bullish momentum continues, Maker’s price may target the $1,628 resistance and even push further to $2,307. Conversely, a slip in price could see MKR retrace to support levels at $1,280, $1,200, and potentially $1,081.

It’s worth noting that the Relative Strength Index (RSI), which has risen from 58 to 68.46, is approaching overbought territory. This signals an increase in buying power and suggests that more investors are entering long positions, poised to counteract any selling pressure that may hinder the rally.

In conclusion, Maker (MKR) is currently at the forefront of the cryptocurrency market, with strong bullish momentum and a promising outlook. With the Spark Protocol proposal and increasing investor sentiment, MKR’s journey towards the $1,550 resistance level is crucial in the coming days.

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