Maker Nears Triangle Breakout as 90% Price Move Looms

Maker (MKR) is drawing attention from traders and analysts as it approaches the apex of a multi-year symmetrical triangle on the long-term price chart. This technical formation, which began in mid-2021, has shown a tightening range with lower highs and higher lows, indicating a period of consolidation. Analysts believe that a significant breakout is imminent, potentially leading to a 90% price move in either direction [1].

Currently, the price of MKR is trading near the 61.8% Fibonacci retracement level, a key area often associated with price pivots in extended market trends. Resistance is forming at the $2,250 level, while the immediate support remains above $1,150. At the time of writing, MKR is trading at $1,978.34, reflecting a daily gain of 7.27% [1].

Technical analysts, including those tracking the chart on platforms like X, have noted that a bullish breakout could propel the price toward the $3,600 to $4,000 range, aligning with the full height of the triangle's base. Conversely, a bearish breakdown may send the price back toward the $700 to $950 support zone. The coming sessions are considered crucial, as traders will be closely monitoring MKR’s reaction to the upper trendline to gauge the direction of the next move [1].

The triangle pattern, spanning nearly four years, has limited volatility to a narrow range. With the 24-hour trading volume at $78.3 million, increased market participation suggests that the final breakout could be imminent. The expected move, whether bullish or bearish, is likely to be swift and decisive according to classical chart principles. The setup remains neutral until confirmation, but all technical indicators point to a significant price action around the corner [1].

Traders are advised to remain alert and monitor volume and price reactions as the pattern nears completion. The market has shown signs of indecision, and the resolution of this triangle could signal the next major trend for MKR. As @ali_charts noted on X, "Maker $MKR could witness a 90% price move once it breaks out of this triangle!" [1].

Source: [1] Maker (MKR) Eyes 90% Move as Symmetrical Triangle Nears Breakout Point (https://coinmarketcap.com/community/articles/689514ecd451fb53687c528a/)