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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Maker Price Heats Up, Soars 12% In A Week — Is $1,850 The Next Stop?

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
SUI Price

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The cryptocurrency market has been on a red-hot streak in the past week, with most large-cap assets posting significant gains. The Maker (MKR) token is another one of the assets enjoying a positive week, with the DeFi (decentralized finance) coin recording a 12% price increase in the last seven days.

Analyst Forecasts $1,850 Target For Maker Price

In a recent post on the X platform, prominent crypto analyst Ali Martinez has put forward an exciting outlook for the price of Maker over the next few weeks. According to the crypto pundit, the token appears to be gearing up for a bullish breakout soon.

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The rationale behind this bullish projection is the chart formation of an inverse head-and-shoulders pattern on the four-hour timeframe. For context, the inverse head-and-shoulders pattern is a technical analysis formation characterized by three distinct troughs; a lower “head” between two higher “shoulders”.

This chart often indicates a potential bullish reversal, where there is a shift from a downward trend to an uptrend. This trend reversal is confirmed when the price breaks above the neckline, which is a trendline connecting the peaks from the head-and-shoulders pattern.

Maker
Chart showing the MKR price forming a head-and-shoulders pattern on the 4-hour timeframe | Source: Ali_charts/X

As shown in the highlighted chart, the Maker price has only just successfully broken above the neckline and appears to be retesting the trendline. Martinez noted that this breakout seems like a precursor to a 12% rally that would see the DeFi coin reclaim the $1,850 level.

In a separate post on X, Martinez shared another bullish analysis for the price of MKR. This latest projection is based on the Tom Demark (TD) Sequential indicator, which is used in technical analysis to identify potential points of trend exhaustion and price reversal. 

According to Martinez, the TD Sequential has flashed four buy signals on the Maker three-day chart. This observation combined with the bullish breakout from the head-and-shoulders neckline suggests that a huge rally might be on the horizon. 

One of the leading tokens in the #RWA sector, #Maker $MKR, is gearing up for a bullish breakout! The TD Sequential indicator has flashed four buy signals on the 3-day chart, suggesting it’s time to accumulate #MKR before it moons! pic.twitter.com/wfyayhB5rX

— Ali (@ali_charts) September 27, 2024

Martinez hinted that this might be a critical period for accumulating the Maker token before its value skyrockets. Moreover, the cryptocurrency market, specifically the altcoin sector, appears to be veering towards an optimistic climate in the past few weeks.

MKR Price At A Glance

As of this writing, the price of Maker stands at around $1,691, reflecting a 5% increase in the past day. 

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Maker
The price of MKR on the daily timeframe | Source: MKRUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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