Maker Surges 1.75% to $1,120 - Bullish MKR Price Action Analyzed

Maker's MKR token has seen bullish price action recently, with the price rising 1.75% over the past hour to $1,120. With a market cap of $1.07 billion, MKR remains one of the top DeFi tokens by valuation.

Looking at MKR's data, the trend is clearly bullish across short and long-term timeframes. The token has gained 8.18% in the past 24 hours, while the 7-day increase stands at a substantial 23.68%. Zooming out further, MKR is up 53.51% over the past month and 68.02% in the last 6 months.

This shows MKR is in a strong uptrend and has been outperforming the broader crypto market which remains in decline. The recent hourly gain also shows bulls are in control of the short-term trend.

What Key Levels Should MKR Traders Watch?

On the downside, support is seen around $1,000, which aligns with previous resistance turned support. Below that, the 2022 high near $915 comes into focus.

On the upside, MKR is approaching the 2021 highs around $1,250. A daily close above this would open the door for a move toward the all-time high near $1,650.

Is Maker a Buy at Current Prices?

MKR remains in a clear and strong uptrend, making the token attractive to momentum and swing traders on the long side. Pullbacks toward support around $1,000 could offer opportunistic dip buying.

However, MKR is reaching overbought territory on the daily chart after its parabolic advance. This could lead to some consolidation or mean reversion in the short-term before the uptrend resumes. Aggressive traders may look to buy any meaningful dip.

In summary, Maker continues to show impressive bullish momentum outperforming the broader crypto market. The uptrend looks poised to continue higher, but some period of consolidation is likely given the overextended technicals. Dips remain buying opportunities within the broader bull market structure.

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