Maker price on its way to once again test the resistance at $500

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on  Jul 22, 2020
Updated:  Jun 15, 2024
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  • Maker (MKR) made multiple attempts to breach some of its strongest resistances earlier in 2020.
  • The latest one took place in mid-June, as allowing MKR to hit a new YTD high.
  • In July, the coin was mostly balancing above $450, but now, it seems ready to start another surge.

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Maker (MKR) price has been struggling with a strong resistance at $500 for an entire month now, ever since it dropped below this level on June 21st. This level has been crucial in the coin’s history, often serving either as a strong support, or a persistent resistance level. However, MKR is now growing again, and is closing in on the troublesome roadblock that is stopping it from venturing further up.

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Maker before the March price crash

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Like most other cryptocurrencies, Maker started 2020 seeing a rather positive performance. Its price, which sat at $435 on January 1st, quickly surged beyond $500, reaching $514 on its first go.

The resistance at $500 was strong back then, as well, however, and the price was quickly rejected and pushed back down to $460. However, once the market-wide rally took place, Maker used the opportunity to not only breach the resistance at $500, but also the one at $600.

Unfortunately, after mid-February, the bulls retreated and a strong correction took place. However, MKR only dropped back down below $600, but it remained rather close to its new resistance. At least, it did until the mid-March crash, which forced it back down to $200.

The coin lost over 60% of its price within only a few days.

Maker recovered quickly

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Soon after hitting the bottom, MKR started its road to recovery, and in about a week, it was back at $300.

After breaching this level, it remained close to it for several months, until the last days of May. That is when it proved to be quite a sound investment, as anyone who bought MKR watched as its price shot up, first to $500, then to $600, and once again going beyond.

The coin even reached the price of $731, exceeding even its February peak. And, just like in February, its price was once again rejected, and before long, it found itself below the $500 mark. In July, the price was mostly stable at around $450, but now, another surge is taking place, possibly leading to yet another attempt to breach $500 and turn it into a support.

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