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Ranging in price at $1,500s, the crypto Maker (MKR) has seen a 23% surge this month, catching the attention of many.

The coin is now trading at $1,639, having risen from $1,340 in early December. On-chain data reveals support around $1,506, with minimal resistance up to $1,939.

If the momentum continues, MKR could surge up to $2,576, which would mark a 50% increase from current levels.

The technicals are aligning—MKR’s 30-day Market Value to Realized Value (MVRV) ratio has reset, giving it room for another leg up.

At the same time, social data shows a sharp uptick in chatter about MKR, indicating strong community engagement.

The DeFi coin is also gaining attention for an emergency proposal that aims to increase the debt ceiling and the Dai Savings Rate for MKR holders. This proposal has neared approval, triggering a wave of confidence across the community.

However, if the price pulls back, the first level of support is at $1,506, which aligns with the 0.382 Fibonacci retracement from the recent swing high of $1,939 to the March 2022 low of $800.

Further downside could see support at $1,340, a key level as it marks the 0.236 Fibonacci retracement.

Minimal resistance is anticipated up to $1,939, which could be reached if the bulls successfully break through the Fib level of $1,781.

Above this point, the next resistance level is at $2,576, which is the 1.618 Fib level.

MKR has the potential for a 50% surge if the bulls can maintain control and overcome the Fib resistance levels.

The post Maker MKR price surges 23% as technicals and fundamentals align for a 50% rally appeared first on Chain Teller.