Maker (MKR) 15% ballistic recovery dwarfs Bitcoin’s recovery efforts

  • An incredible recovery from lows around $44 fights to overcome $700 hurdle.
  • Maker bulls are looking forward to $800 but first, they must deal with the $700 stubborn resistance.

The digital asset market has mixed red and green signals. Major cryptocurrencies are still largely depressed despite attempts to push for recovery. For instance, Bitcoin is trading at $$9,214 following a minor 0.16% increase in value. Ethereum is up a subtle 0.21% on the day while Ripple is wallowing in the red after a 0.3% loss.

Maker (MKR), on the other hand, is the cryptocurrency that is getting most of the bullish attention. Against all the odds in the market, MKR is trading more than 15% higher in the last 24 hours. CoinMarketCap ranks Maker at as the 21st largest cryptocurrency in the world with a market cap of $669 million and a 24-hour trading volume of $7.2 million.

Following a recent flash drop to lows around $44, MKR has been trading a higher high pattern. The struggle to overcome the resistance at $600 finally gave way for the ongoing majestic recovery. MKR is testing the nest hurdle at $700 and if broken, the momentum could propel it to the next supply zone at $700. In the meantime, the Relative Strength Index shows Maker having a bullish bias.

MKR/USD 4-hour chart

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