Maker (MKR) attempts to break free from a prolonged corrective structure that has spanned over a year.
MKR is now challenging the resistance trendline of a descending channel after forming a potential bottom in February near a major support zone.
The confluence of Elliott Wave completion and Fibonacci levels suggests the potential start of a new bullish impulsive phase, but further confirmation is needed.
MKR Price Analysis
The daily chart indicates that MKR likely completed a complex W-X-Y-X-Z corrective structure that began after its peak of $4,046 in April 2024.
The final leg, wave Z, appears to have bottomed around $854 near the historically strong accumulation zone, slightly below the 0.786 Fibonacci retracement.
This zone was a strong base in 2022 and 2023, increasing its structural relevance.
Since touching this key support, MKR has rebounded with a higher low of $1,054 on March 11, climbing steadily toward the upper boundary of the second descending resistance.
A breakout above this resistance would mark a structural shift, transitioning the asset from correction into a new impulsive phase.
The Relative Strength Index (RSI) has surged above 60, signaling a return to bullish momentum.
Horizontal resistance at $1,832 (0.618 Fib) and $2,255 (0.5 Fib) are major pivot zones that coincide with potential wave (iii) and (v) targets.
These levels mark areas where selling pressure may return if the rally lacks volume confirmation.
However, a sustained move above $2,255 would confirm the start of a broader trend reversal targeting $2,678 and beyond.
MKR Price Prediction
On the 1-hour chart, the price structure shows a lower-degree impulsive sequence formation after completing wave Z in February.
The recent move upward from wave (2) has taken the form of a developing five-wave advance, with wave (1) potentially completed and wave (2) also confirmed in the green zone.
The current price action suggests wave (3) is underway, aiming for the 1.0 to 1.618 Fibonacci extensions.
Wave (iii) targets $1,986 to $2,563, with $2,240 (1.272 Fib) as a midpoint resistance level.
If this leg is extended, wave (v) could push above $2,900.
However, another bearish possibility is presented: its recent rise since March is an ABC correction that will be stopped at the second descending resistance.
If the price is rejected, we can see a reversion to the $850 area before the assumed wave (3) starts.
The RSI is in the overbought territory, further hinting at the possible rejection of the current resistance.
A breakout above $1,832 would likely confirm wave (iii)’s progression, accelerating momentum toward $2,255 and, ultimately, $2,678.
This scenario hinges on volume and sustained RSI strength above 60.
If current momentum holds, MKR may be poised to complete a multi-phase impulsive recovery, targeting the mid-$2,000s in the coming weeks.
Key Levels to Watch
- Immediate Resistance: $1,832 (0.618 Fibonacci retracement).
- Key Resistance: $2,255 (0.5 Fibonacci retracement).
- Major Extension Target: $2,678 (0.382 Fib extension of the larger wave).
- Immediate Support: $1,273 (0.236 Fibonacci).
- Critical Support: $1,052 (bottom of wave Z).
- Short-Term Target for Wave (iii): $2,240–$2,563.
- Invalidation Zone: Below $1,230.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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