![Maker [MKR] could witness a 10% hike, traders can set a stop loss below…](https://i.headtopics.com/images/2023/2/4/cryptoamb/maker-mkr-could-witness-a-10-hike-traders-can-set--maker-mkr-could-witness-a-10-hike-traders-can-set--1621758704377790464.webp)
Maker [MKR] could witness a 10% hike, traders can set a stop loss below...
On the daily chart, MKR’s price action in 2023 chalked out a bullish flag pattern. Therefore, a bullish breakout was likely, with $800 as the target. That would offer investors about 10% more gains.
So, bulls could inflict a bullish breakout. But the bulls must deal with the sell pressure zone of $716 – $746 and September’s overhead peak resistance of $781.However, a bearish breakout would invalidate the above bullish bias. The downtrend would settle at the $553 support level. So, investors and traders going long on the asset can set a stop loss below the range of $615 – $635 .
On the other hand, the Funding Rate for MKR/USDT pair remained unchanged for the past few days. This shows that demand for MKR hasn’t increased or declined. This could support a sideways structure scenario.
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