Will MKR Sustain above the Lower Trendline of the Range? –

  • The manufacturer’s price is trying to reverse its trend towards the upper range, but it looks like the bear may break off and the token is struggling.
  • The MKR cryptocurrency fell below the daily 20, 50, 100 and 200 day moving average.
  • The MKR / BTC pair is at 0.03767 BTC with an intraday gain of 0.37%.

Since June 2009, the Maker price has remained constant within the horizontal range-bound zone. The token has tried to exit the consolidation phase, but the bulls have repeatedly failed to keep gains on the threshold of the consolidation phase. MKR’s bullish sentiment shows that this time around they are focusing on recording the token’s turn from the horizontal zone. However, the cost of the token has remained constant between $ 680 and $ 1000. The price of MKR is currently rising at the high end of the consolidation phase and is in a strong uptrend. To allow the token to move above the caged area, the MKR bulls must hold their position on the trend line.

Maker’s estimated price is currently $ 755.2; in terms of market capitalization, the day before it increased by 1.32%. However, the trading volume during the intraday trading session fell by 15.99%. This could indicate that the bears are attempting to build up stocks before the MKR cryptocurrency price plummet. The ratio of volume to market capitalization is 0.1806.

On the daily price chart, the price of MKR is moving up towards the upper trend line of the consolidation phase. To see the token breakout, the bulls need to rally on MKR. The bears, however, could at any time stop the upward momentum of the MKR coin because the volume indicates that the accumulation rate is minimal. If the bulls in MKR want to avoid getting trapped in bearish traps, they need to build up quickly.

What do the technical indicators on MKR suggest?

On the daily chart, the price of the MKR coin is attempting to hold its current level during the consolidation phase. Technical indications indicate the downtrend momentum of the MKR coin.

The relative strength index shows the bearish momentum of the MKR coin. RSI is at 34 and is hovering above the oversold territory. MACD exhibits the consolidation phase of the MKR coin. The MACD line is below the signal line but with minor differences. MKR investors have to wait for any directional changes on the daily chart.

Conclusion

Since June 2009, the Maker price has remained constant within the horizontal range-bound zone. The token has tried to exit the consolidation phase, but the bulls have repeatedly failed to keep gains on the threshold of the consolidation phase. MKR’s bullish sentiment shows that this time around they are focusing on recording the token’s turn from the horizontal zone. However, the cost of the token remained constant between $ 680 and $ 1000. The bears, however, could at any time stop the upward momentum of the MKR coin because the volume indicates that the accumulation rate is minimal. Technical indications indicate the downtrend momentum of the MKR coin. The MACD line is below the signal line but with minor differences. MKR investors have to wait for any directional changes on the daily chart.

Technical levels

Support Levels: $ 730 and $ 700

Resistance Levels: $ 840 and $ 900

Disclaimer

The views and opinions stated by the author, or any person mentioned in this article, are for informational ideas only and do not establish financial, investment or other advice. Investing or trading crypto assets carries the risk of financial loss.

Steve Anderson
Latest posts by Steve Anderrson (see all)

Leave a Comment