MKR Price Analysis: Will the Sellers Overtake Bulls in the Market?

• The current MKR price is $773 while seeing a change in the 24-hour trading volume of 22.65%.
• MKR price is down by 7.78% in the last 24 hours.

The Maker’s price is trading near the supply zone after making a bullish upturn of 25%, per the previous analysis. Investor sentiments for the token are turning bearish.

The price faces significant resistance from the 200-day EMA, which is also its previous resistance zone. As the 200-day EMA is a major barrier and the oscillators are also trading above the supply zone, it can be estimated that the price might take a bearish turn in recent days.

The Price of MKR Trading Near the Supply Zone (Daily Timeframe)

Source: MKR/USDT by TradingView

The previous analysis estimated that MKR price could make a solid bullish rally of up to 25% or more. This analysis was made because MKR price was trading near $650 above the demand zone, and the RSI with Stochastic RSI was also moving near the oversold levels, where its current resistance level was around $800, around 12% above the current price and the significant resistance level was at $900. After consolidating, MKR price attained its current price target of 25%.

Technical Analysis (1-Day Timeframe)

Source: MKR/USDT by TradingView

Currently, the price resists the $800 price point above the 200-day EMA. Its current support level is $730, 10% below the current price, and its primary support zone is $650, 20% below the current price. If the price takes resistance from the current levels, it can give a sharp downturn of more than 20%

The RSI line recently got rejected from the oversold levels. At present, it is trading just above the median line. The current RSI value is at 57.89 points, trading above the 14 SMA, trading around 56.11. The making of a downward RSI curve suggests that it can give a bearish cross-over below the 14 SMA and the median line.

Conclusion

According to the analysis, the price chart presents a bearish outlook. Currently, the MKR price is reversing from the 200 EMA, where the oscillators – RSI and stochastic RSI are both supporting the bears. Recently, the price of MKR also made a bearish reversal. Essentially, the price could make a bearish move of 20% or more shortly.

Technical levels:

Support -$640 and $620

Resistance – $689 and $726

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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