Maker (MKR) showed a strong upward movement on the 12-hour time frame chart, forming a classic falling wedge pattern, often seen as a bullish reversal signal.
The pattern formation gradually squeezed MKR’s price, leading to a recent breakout attempt above its upper trendline.
Analyst World of Charts suggested that if MKR confirms this breakout, the price could surge to an ambitious target near $2000.
This falling wedge setup implies that MKR’s previous downward momentum may be losing steam. This opens the door for potential buyers to step in and push the price higher.
With a potential gain of over 100% from the breakout, MKR’s bullish outlook has attracted significant attention.
Traders are advised to keep a close eye on MKR’s price near this resistance level. A confirmed breakout could ignite a strong upside move, making $2000 a plausible goal in the medium term.
Open Interest Surge Boosts Trader Confidence
Additionally, looking into Maker’s 15-minute Binance chart revealed surge in aggregated open interest for stablecoin-margined contracts. That is coinciding with the price’s upward momentum.
MKR crossed the $1300 mark, and this rise in open interest indicated new positions entering the market. This uptick in open interest, aligned with the price increase, signaled strong market engagement. There is growing confidence in Maker’s bullish trajectory.
Unlike fleeting speculative interest, this sustained rise in open interest implied fresh capital moving into Maker. This suggests that investors saw room for long-term growth rather than quick gains.
As traders add more leveraged positions, it reflects a high level of conviction that MKR’s price could sustain and extend its current upward movement.
Historically, when open interest grows alongside price action, it preceded extended rallies. This further supports MKR’s potential to reach the $2000 target if the positive trend holds.
Spot Accumulation Aligns Maker with Other Top Performing Altcoins
On a broader scale, MKR’s performance aligned it with a select few major altcoins that showed strong spot Cumulative Volume Delta (CVD) accumulation, specifically RUNE and JUP.
Maker’s unique accumulation pattern on daily timeframe highlighted consistent demand from the spot market. This is further fueling its bullish case across multiple timeframes. Also long-term investors saw value in MKR.
The resilience in MKR’s price action reinforced an optimistic outlook, showing that even amidst broader market volatility, Maker still held its ground.
This accumulation trend, which remained absent in other Binance-listed altcoins, placed Maker in a favorable position to outperform in the current market cycle.
The trend hinted that MKR’s demand dynamics could support continued price growth, further reinforcing its path toward the anticipated $2000 level.
Given the lack of a similar pattern in other Binance-perpetual futures-listed altcoins, Maker’s bullish structure appeared robust, signaling it could well achieve its ambitious target.
Each of these elements strengthened the outlook for MKR to reach the $2000 mark, provided buying pressure and market engagement remained steady.
With a breakout underway and multiple bullish indicators lining up, MKR remained a compelling asset to watch closely in the pursuit of its $2000 goal.
