Maker Briefly Touches $1,650, Surpassing 2023 Highest Price, but $2,000 Remains a Distant Target

Maker Briefly Touches $1,650, Surpassing 2023 Highest Price, but $2,000 Remains a Distant Target

Crypto News – On October 24, the price of Maker (MKR) briefly touched $1,650 in the early hours, marking its highest value in 2023. Over the past 90 days, Maker’s price has surged by 35.82%, nearly doubling the performance of Bitcoin (BTC) during the same period.

On the daily chart, MKR has just started its recovery from a market structure largely influenced by sellers between October 1 and 12. Due to the limited control of the bulls during that period, MKR was unable to sustain the hike and fell back to trading below $1,600.

Nonetheless, there is solid support at $1,374. If sellers intensify their presence, MKR may still have the strength to stay above the range of $1,450 to $1,500. It’s worth noting that the daily chart indicated a brief increase in trading volume during the jump to $1,650.

However, the declining volume alongside the price increase suggests that bullish momentum might be weakening. Consequently, reaching $1,700 within the next 24 hours may not be feasible. However, the Relative Strength Index (RSI) reading shows that buying momentum is gaining an advantage over the bearish side.

As of the current reading, the RSI stands at 67.53. Typically, readings below 50 indicate a bearish advantage, but with the indicator well above 50, a significant drop is less likely. Simultaneously, a substantial increase within a day may not be sufficient to reach $1,650 again.

The Journey to $2,000 Is Not Imminent

A few weeks ago, crypto trader Nebraskangooner suggested that MKR might continue to consolidate above the $1,374 support and had the potential to reach a price range between $1,800 and $2,000.

From a technical perspective, achieving this projection might take more than a few days, as MKR is currently in an overbought condition. This overbought status is indicated by the Bollinger Bands (BB), with the upper band touching the MKR price. Consequently, there is a potential for a 5% short-term decline, although this is not expected to occur within the next 24 hours. Between the time of writing and October 25, MKR may experience a modest increase, as the Moving Average Convergence Divergence (MACD) stands at 9.11 and the 12-period EMA has crossed over the 26-day EMA, signaling a mild bullish momentum.