MKRUSD price is up over 25% in the past 24 hours making it the biggest gainer today out of the 2,000+ cryptocurrencies. The reason is due to the $16 million investment into the platform by Horowitz's fund, and Augur's announcement that it will integrate DAI.
MKR hit its ATH back in January when the price reached $1673, so the market is still a ways away from that level, however the current price of $790 is not too shabby as it brings MKR back to May levels. It's hard to do market analysis on such a sudden jump but we can highlight some support and resistance levels based on trading volume and range.
The S&R levels are:
support 1 - $417
support 2 - $576
resistance - $825
The best news we can hope for is that MKR established new support at the $800-$825 range and doesn't drop down to either of the resistances at the $570-$600 levels.
MKR hit its ATH back in January when the price reached $1673, so the market is still a ways away from that level, however the current price of $790 is not too shabby as it brings MKR back to May levels. It's hard to do market analysis on such a sudden jump but we can highlight some support and resistance levels based on trading volume and range.
The S&R levels are:
support 1 - $417
support 2 - $576
resistance - $825
The best news we can hope for is that MKR established new support at the $800-$825 range and doesn't drop down to either of the resistances at the $570-$600 levels.