MKR’s price shows strength as the price breaks out of a downtrend with good volume with eyes set on $1,200. MKR bounced from a low of $600 as the price rallied to a high of $1,000, preparing for a rally as the price eyes $1,200 key resistance. The price of MKR continues to trade above 50 Exponential Moving Average (EMA) on the daily timeframe. The price actions shown by Bitcoin (BTC) have affected most altcoins negatively as some have lost their key support, but Maker Dao (MKR) continues to show immersed strength as price breaks out of a long downtrend movement. The Consumer Price Index (CPI) news released recently had a great deal of effect on the crypto market as the price of BTC declined to a low of $18,200 before a bounce to $19,300, with many altcoins like Trust Wallet Token showing bullish strength regardless. (Data from Binance) Related Reading: Bitcoin Bear Market Not Turning Bullish Anytime Soon: Report Maker DAO (MKR) Price Analysis On The Weekly Chart Previous weeks haven’t been the best for the crypto space and most projects as the CPI news negatively affected most projects as crypto assets struggled to secure their key support zone. The news saw the price of Bitcoin (BTC) having a sharp decline to a region of $18,200 before a bounce to $19,500; this decline led to many assets losing their support zones, but some crypto assets showed immense strength with the likes of MKR looking strong ahead of the wee...
