- MKR approaches apex of multi-year triangle pattern, signaling a powerful breakout is nearing.
- Price currently trades near the 61.8% Fibonacci level, facing resistance at $2,250.
- A breakout could send MKR toward $4,000 or fall back toward the $700 support zone.
Maker (MKR) is positioned for a major move as it approaches the apex of a multi-year symmetrical triangle. The pattern suggests a potential 90% breakout move, with traders closely watching direction and timing.
Maker Price Pattern Forms Symmetrical Triangle with Explosive Setup
The long-term chart of MKR shows a symmetrical triangle formation beginning in mid-2021. It reflects compressing volatility through lower highs and higher lows.
This technical structure often leads to strong price expansion as market indecision resolves. The pattern is nearing its apex, increasing the probability of an imminent breakout.
The triangle’s upper trendline now aligns with resistance near $2,250, while support continues to hold above $1,150. MKR is as of the time of writing trading at $1,978.34, with a daily gain of 7.27%.
In a recent tweet, @ali_charts stated: “Maker $MKR could witness a 90% price move once it breaks out of this triangle!” Technical analysis supports this forecast.
Fibonacci Levels Align with Breakout Targets for MKR
MKR is dancing around 61.8% Fibonacci retracement which is frequently a price pivot point in long-term price market.
In case the breakout is bullish then there is a possibility of a rally towards the price range of $3,600 to $4,000. That target reflects the full height of the triangle’s base.
A bearish breakdown, however, might take MKR back to its previous support range between $950 and $700. Volume confirmation would likely follow the breakout.
The next sessions are crucial. Traders are monitoring MKR’s reaction around the upper trendline for clues on directional momentum.
MKR Traders Prepare for Major Volatility as Pattern Completion Nears
The symmetrical triangle on MKR’s chart spans nearly four years, suggesting this move will be technically meaningful.
With a current 24-hour trading volume of $78.3 million, increased market participation may precede the final breakout.
Price compression is reaching its limit. Whether bullish or bearish, the expected move will be swift and decisive based on classical chart principles.
The market setup remains neutral until confirmation, but all technical signals suggest a substantial move is around the corner. Traders are advised to stay alert.
