4 min readMaker (MKR/USD) is showing strong signs of a potential long-term trend reversal. On the weekly time frame, we’re now seeing a transformation in structure, with the sequence of lower highs and lower lows giving way to a new higher high, built off a previous higher low. This shift suggests that MKR may be in the early stages of forming a new uptrend.
Price recently found support in the classic reload zone, using the 0.702 Fibonacci retracement level as resistance before breaking through it last week. That level, around 1,600 dollars, now aligns with both a key horizontal support zone and the weekly 50 EMA, reinforcing its importance as a potential retracement level if price pulls back further.
Zooming into the daily chart, the breakout above 1,600 is clearly visible as a clean structural break. This now leaves us with an untested breakout zone right at the 1,600 area. Interestingly, that zone is also supported by the daily 20 EMA and 50 EMA, forming a high confluence support region just beneath current price.
To the upside, price is currently testing a range high area near 1,900. A breakout above this level could unlock further upside potential, with the next high time frame resistance sitting in the zone between 2,050 and 2,100.
MKR is certainly one to keep an eye on, especially if broader crypto momentum continues to build.
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