- 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.
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.
Maker before the March price crash
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
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.
