MKR up 30% in 7 days, what’s next?

During a span of seven days, Maker (MKR) has seen impressive growth, demonstrating its potential as a profitable investment opportunity.

According to CoinMarketCap, MKR has experienced a notable increase of 30% within this timeframe, generating significant interest and optimism among its many traders and holders.

Currently, it is unclear what is driving MKR’s price, but there is a clear, strong buying pressure and positive sentiment surrounding the DeFi token in the market.

Maker Price Action Surpasses Market

In a remarkable display of bullish momentum, Maker has witnessed a substantial gain that has attracted much attention in the market. Initially, MKR started last week trading around $706.85. The token then experienced a slight decrease in price over the following days, reaching as low as $670.86 on June 28.

Related Reading: Litecoin $100 Milestone Indicates Promising Bullish Trends – Here’s Why

Afterwards, Maker began recording gains before a price jump occurred on June 30, resulting in the token gaining over 21% and reaching a market price of $834.09.

Since the beginning of July, MKR has witnessed two more increases in its market price, with the most recent one happening today. In the early hours of the day, the MKR token surged by 8% and reached a market price of $929.87 for the first time since March.

At the time of writing, MKR is currently priced at $930.78 USD, with a market capitalization of $897 million. Additionally, the token’s trading volume stands at $76 million, having increased by 14% in the last day, indicating heightened market activity.

When looking at the protocol’s performance, MakerDAO has experienced a 1.04% decrease in its Total Value Locked (TVL) over the past day, based on data from DeFillama. Nevertheless, the protocol remains the second largest DeFi project, with a TVL of $6.262 billion.

MKR Price Analysis And Prediction

MKR has recently displayed interesting price action, with two notable levels to keep an eye on. The first is a resistance zone at the $973 price level, where MKR has previously encountered selling pressure that prevented it from continuing its upward trend.

Traders and investors should closely monitor how MKR behaves around this resistance zone, as a breakout above it could potentially signal further upward momentum.

Related Reading: Bitcoin Sharks & Whales Show Strong Buying, Rally To Continue In July?

On the other hand, if MKR fails to break above the $973 resistance level, it may face a potential downward retracement to the $662 price level. This price zone has previously acted as a resistance, but if MKR experiences a pullback, it could potentially turn into a support zone.

MKR Trading At $933.37 On The Daily Chart | Source: MKRUSD Chart On Tradingview

Both of these levels are significant in assessing MKR’s price action and can provide valuable insights for traders and investors. Monitoring how MKR interacts with these levels could help determine the future direction and potential breakout or reversal opportunities for the cryptocurrency.

Featured Image: Freepik, Chart from Tradingview

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