Maker (MKR) is ready for a big rally, says analyst

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Maker (MKR) is ready for a big rally, says analyst
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Cryptocurrency analyst Manish Chhetri predicts a possible rise in the price of Maker (MKR), which is trading above $1,500 this Thursday. According to Chhetri, technical indicators show a bullish divergence. This suggests that the asset may be about to start a new appreciation trend.

“There are clear signs that the market is gaining confidence in Maker, especially based on recent moves,” said the analyst.

In recent days, Maker price has retested a descending trendline that was drawn by connecting multiple tops since late July. This line coincides with a daily resistance level around $1,669, considered a key resistance point.

On Monday, after reaching this level, the token fell by around 5% in the following two days. However, this Thursday, Maker is priced at $1,561, approaching the descending trend line again.

Maker: Technical analysis points to bullish divergence

Chhetri highlighted that on September 18, Maker price formed a lower low on the daily chart. Meanwhile, the Relative Strength Index (RSI) made a higher high over the same period.

“This bullish divergence is a classic sign that the trend may be about to reverse in favor of buyers,” the analyst explained.

If Maker price manages to break the descending trend line and close above the daily resistance level at $1,669, Chhetri believes the token could rise as much as 30% to reach the weekly resistance at $2,175.

In addition to technical indicators, Santiment’s Exchange Flow Balance indicator also suggests a bullish scenario for Maker. This indicator measures the net movement of MKR tokens into and out of exchange wallets.

When there is an increase in this indicator, it means that more tokens are going to exchanges, suggesting selling pressure. However, a drop in the indicator indicates that more tokens are being withdrawn from exchanges. In other words, investors are preferring to store their assets in cold wallets, away from immediate sale.

In the case of Maker, the indicator fell from -191 MKR on September 16 to -42,770 MKR the following day, a move that, according to Chhetri, “indicates that investors are withdrawing their tokens from exchanges, showing growing confidence in the asset.” .

Maker (MKR) is ready for a big rally, says analyst

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Maker (MKR) is ready for a big rally, says analyst

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Maker (MKR) is ready for a big rally, says analyst

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