MKR Technical Analysis: Ongoing Uptrend Aims To Reach $2500

The MKR coin price shows a solid bullish rally with a growth of 30% in the past week resulting in a wedge breakout. Will the uptrend reach $2500? The Maker token is used to govern the MakerDAO, a decentralized organization, and Maker Protocol, a software platform. The platform and the organization are built on the Ethereum blockchain. The blockchain lets users create and manage the stablecoin DAI. MKR tokens are an alternative to voting shares for the company that runs DAI. While they don’t pay dividends to their owners, they do grant holders the right to vote in the advancement of the Maker Protocol and are expected to increase in value depending on the success of DAI itself. Let us move ahead to read about MKR technical analysis. Past Performance of MKR The MKR coin price shows a drastic growth of 30% in the past week with no signs of bearish candles in the bull run. The bull rally breaks above the resistance trendline of the falling wedge pattern and the $2000 mark. The price currently struggles to sustain above the selling pressure at the 50-day EMA coinciding with the $2200 mark. MKR/USD Daily Chart MKR Technical Analysis The MKR technical analysis shows the coin price posing a post-breakout bullish rally showing significant wick formation above the $2200 mark. Therefore, a struggle to sustain and overcome the selling pressure is evident by the price action. The crucial Exponential Moving averages maintain a bearish align...