Crypto News– September 27 MKR price has indisputably been one of the standout cryptocurrencies in the market this year, demonstrating impressive performance. On September 26, it soared to a fresh yearly pinnacle, breaching the $1,450 mark.
September 27 MKR Price Achieves 1,400 Dollars Milestone – Reaches Levels Last Seen in May 2022
This remarkable upward surge concurrently marked a decisive breakout above the $1,250 horizontal resistance zone, which had steadfastly held its ground for over a year. Notably, the MKR price has been on an accelerated ascent since June, albeit experiencing a temporary stall in July when it encountered rejection at the $1,250 resistance area, as indicated by the red icon, leading to the formation of an extended upper wick.
The presence of such a wick typically signals mounting selling pressure, suggesting that buyers struggled to maintain the price above the resistance zone. Instead, sellers seized control, initiating a downward push. However, this week, the MKR price successfully pierced through this historical resistance area, ultimately culminating in a new yearly zenith of $1,450. This achievement marked the highest price level since May 2022.
The significance of the $1,250 region cannot be understated, given its extended period of resistance. Consequently, a breakout above this level holds potential implications for a bullish trend reversal. Moreover, this area is likely to serve as a solid support should the price retrace to it, with the next prominent resistance at $1,650.
A comprehensive assessment of the weekly Relative Strength Index (RSI) adds further credence to the bullish outlook. The RSI is a widely employed momentum indicator, aiding traders in evaluating whether a market is overbought or oversold, thereby facilitating informed decisions regarding asset purchase or sale.
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In accordance with the Fibonacci retracement levels theory, which posits that following a significant price movement in one direction, there is an expectation of a partial retracement to a prior price level before resuming in the same trajectory, we can employ this theory to pinpoint potential peaks in forthcoming upward movements.
By applying the Fibonacci retracement tool to the most recent segment of the price decline, we identify the next noteworthy resistance level at $1,615. When we combine this finding with insights from the weekly timeframe analysis, a robust resistance zone emerges within the $1,615 to $1,650 range. This zone presents an obstacle approximately 15% above the current market price.
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