As a seasoned researcher with a knack for deciphering market trends, I find myself intrigued by the latest analysis of Maker (MKR) by the crypto analyst, Ali Martinez. With my years of experience in the ever-evolving world of cryptocurrencies, I’ve learned to take technical analysis with a grain of salt but also appreciate its potential predictive power.
Over the past week, the cryptocurrency market has been experiencing an unprecedented surge, as many major assets have reported substantial growth. Among them is Maker’s token (MKR), which has also seen impressive gains – it has risen by 12% in the last seven days, following a similar trend in the decentralized finance sector.
Analyst Forecasts $1,850 Target For Maker Price
On the popular cryptocurrency platform, well-known analyst Ali Martinez recently shared his optimistic forecast about Maker’s price movement in the upcoming weeks. He suggests that the token seems ready for an imminent bullish surge.
The reason for this optimistic forecast is due to the chart’s structure resembling an upside-down head-and-shoulders configuration, which is clearly visible on the 4-hour time scale. To provide some context, an upside-down head-and-shoulders pattern is a technical analysis shape that features three distinct dips; a lower “head” sandwiched between two higher “shoulders”.
This graph usually signals a possible bullish turnaround, meaning it moves from a decreasing trend to an increasing one. This change in direction becomes certain when the price surpasses the neckline, which is a line that connects the highest points from the head-and-shoulders configuration.
According to Martinez’s analysis, the Maker price has recently surpassed the neckline on the highlighted chart and is currently testing this trendline again. This breakout could potentially signal an upcoming 12% increase that would bring the DeFi coin back up to the $1,850 level.
In a separate post on X, Martinez shared another bullish analysis for the price of MKR. This latest projection is based on the Tom Demark (TD) Sequential indicator, which is used in technical analysis to identify potential points of trend exhaustion and price reversal.
As per Martinez’s analysis, the Technical Deployment System (TD Sequential) has shown four buy signals on the Maker’s three-day chart. This, along with the bullish breakout from the head-and-shoulders neckline, indicates a potential large-scale upward trend could be imminent.
In the realm of the Real World Asset (RWA) sector, the notable token Maker ($MKR) is preparing for a bullish surge! The TD Sequential indicator has displayed four buy signals on the three-day chart, implying it’s wise to start acquiring $MKR now, as it could soon experience a significant increase!
— Ali (@ali_charts) September 27, 2024
Martinez suggested that now could be a crucial time to gather Maker tokens, as they might significantly increase in value soon. Additionally, there seems to be a positive trend emerging in the cryptocurrency market, particularly among altcoins, over the last few weeks.
MKR Price At A Glance
Currently, Maker’s price hovers near about $1,691, marking a 5% rise over the previous 24 hours.
Featured image from iStock, chart from TradingView
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2024-09-29 01:16