In early 2023, the MKR token started moving higher. But once it hit its key resistance, the price started consolidating within the range of its key support and resistance levels. After the price hit the secondary resistance of $970.83, the sellers were able to push the MKR price below its main resistance level. The price action suggests that it is attempting to break out of its consolidation with the help of active buyers in the market. The sudden spike in trading volume shows positive market sentiment towards the MKR token. The global volume for the token has increased by almost 58% over the day.
At the time of writing, MKR was trading at $715.
MKR made a ‘Bullish Engulfing’ pattern at the low of $502 and rallied almost by 95% up to $980. The asset faced multiple resistances at the key level of $980 (Horizontal Trendline) and witnessed a sharp correction. Post this move, MKR started trading in a range from $650 to $710. It gave a breakout above the range last week and rallied up to $820. However, the bulls failed to manage their grip on the asset as the prices dropped to $705. MKR has a strong support at $710, if it holds and sustains above the support then we can expect the bulls to resume the up-move.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $590 | $710 | MKR | $800 | $980 |
