Today, the price of BTC continues to stay below $26,500, and many altcoins have experienced significant losses in the past 24 hours. However, there are exceptions. MKR Coin’s price has been performing well compared to BTC and ETH, showing resilience. So, what do the current price predictions indicate?
MKR Coin, one of the best-performing altcoins in 2023, has seen significant rallies. The price has successfully surpassed $1,450 in the past 24 hours. With this ongoing rally, the $1,250 resistance level that has remained untouched for about 12 months has been broken.
MKR’s price has been steadily recovering since June. The previous rejection by the $1,250 horizontal resistance area in July had weakened the momentum. However, in late September, the bulls managed to break through this wall.
The $1,450 level was a significant region for MKR’s price, as it had not surpassed it since May 2022. With the challenging resistance now cleared, we can say that the downtrend has come to an end and we may witness new highs in the future.
The weekly RSI confirms the expectation of an upward trend and has not yet created a bullish divergence. If the price and RSI continue to rise, it could mean pushing the 2023 peak even higher. If the rally continues, it is likely that the price will reach $1,650. Moreover, the $1,250 level is expected to act as support.
A sudden loss of momentum could lead to testing the small horizontal support at $1,350, which is just below the current price by 5%. However, this does not rule out the possibility of MKR Coin testing the resistance zone of $1,650-$1,615. As long as the RSI remains above 50, the current outlook confirms the strength of the bulls.
To reverse the bullish scenario, there should be a daily closing below the $1,350 horizontal range on the time frame. If the RSI drops below 50 and the expected support at $1,250 does not hold, the price could decline by 30% to $1,000.
At the time of writing, the price of BTC was at $26,436.