MKR Technical Analysis: 50% Surge Passes $1750 Mark

MKR prices find a sudden extreme surge in buying pressure resulting in the breakout of $1500. Should you join in on the newfound bullish rally? Key technical points: The MKR price has risen 56% in the last 24 hours. The market value rises above the $1350 mark. The 24-hour trading volume of Maker is $264 Million, indicating a 32% hike. Past Performance of MKR MKR prices show a sharp V-shaped reversal from $1000 after a downfall of 56% in the last month due to the failure to sustain above the 200-day EMA and the $2400 mark. The sharp reversal forms two bullish engulfing candlesticks surpassing the $1750 mark within two days. Source-Tradingview MKR Technical Analysis MKR price action reflects a sudden recharge in the underlying bullish powers but faces higher price rejection at the 200-day EMA. Nonetheless, the recovering prices increase the chances of surged market value sustaining above the 50-day EMA. The falling trend in the crucial daily EMAs maintains a bearish alignment with a significant spread. The RSI slope shows a sharp spark from the oversold zone and surpasses the 14-day SMA along with the halfway line to enter the nearly overbought zone. The MACD indicator indicates a sharp reversal bringing a bullish crossover in the negative territory. Moreover, the crossover starts the positive trend in the bullish histograms, increasing the chances of the uptrend above the $1500. In short, the MKR technical analysis forecasts a ...