- Maker price is currently bounded inside an ascending wedge formed on the daily chart.
- The digital asset is trading right in the middle of the pattern.
Maker hasn’t benefited too much from Bitcoin’s recent all-time high breakout and continues trading relatively sideways. The digital asset continues to wait for a clear move above the critical resistance level at $620 or the support at $520.
Maker price could see a 27% explosion soon
Maker price has established an ascending wedge on the daily chart and it’s trading right in the middle of the pattern. Bulls have managed to push Maker above the 50-SMA and the 100-SMA turning both into support levels.
MKR/USD daily chart
A rebound from this level can easily push Maker price towards the upper boundary of the pattern at $620. A further breakout above this point will drive Maker to a long-term price target of $800.
However, if both SMAs fail to hold Maker price, bears will take control and push Maker towards the lower trendline at $520. A breakdown below this point will push it to a low of $377 in the long-term.