MKR Technical Analysis: Will MKR Prices Reach The $1400 Mark?

The MKR price shows a successful retest of the $1040 breakout teasing a bull run above the 100-day SMA to reach the $1400 mark. Key Technical Points: The Maker (MKR) price action displays a bullish breakout of an ascending triangle pattern. The bullish turnaround in the 50-day SMA displays an increase in underlying bullishness. With a market cap of $1.049 billion, the intraday trading volume of Maker has increased by 21% to reach $235 million. Past Performance of MKR The MKR price action forms an ascending triangle pattern in the daily chart, with the $1040 horizontal level acting as the overhead resistance. The recent bull cycle from the supporting trendline results in the bullish breakout of the triangle pattern. Moreover, the breakout relay reaches the 100-day SMA before taking a turnaround to retest the bullish breakout. Source – Tradingview MKR Technical Analysis The MKR price showcases a daily growth of 2.78%, reflecting a successful post-retest reversal. In addition, if the daily candle sustains above $1040, traders can expect a bull run to the $1400 mark. The bullish reversal after the successful retest teases a breakout of the 100-day SMA. Moreover, the bullish reversal in the 50-day SMA reflects an increase in the underlying bullishness. Despite a recent correction, the daily-RSI slope holds above the neutral line indicating the market participants feel optimistic about the Maker (MKR) coin. The MACD indicator preven...