Maker Price Analysis: Will MKR Sustain above the Lower Trendline of the Range?

• Maker price is trying to reverse its trend towards the upper range but looks like bear may interrupt and the token struggles.
• MKR crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average.
• The pair of MKR/BTC is at 0.03767 BTC with an intraday gain of 0.37%.

Since June 2009, the price of Maker has been constant inside the horizontal range-bound zone. The token has been trying to break out of the consolidation phase, but bulls have repeatedly failed to hold gains at the threshold of the consolidation phase. MKR’s bullish sentiment shows that they are this time concentrating on recording the token’s breakthrough from the horizontal zone. However, the cost of the token has remained constant at $680 to $1000. The price of MKR is currently ascending into the top range of the consolidation phase and is in a strong uptrend. To enable the token to move above the caged area, MKR bulls must maintain their position at the trendline.

The estimated price of Maker is currently $755.2; in terms of market cap, it rose by 1.32% the day before. However, the volume of trades during the intraday trading session dropped by 15.99%. This may indicate that bears are attempting to stockpile ahead of the price collapse of MKR cryptocurrency. Volume to market cap ratio is 0.1806.

Source: MKR/USD by TradingView

On the daily price chart, MKR’s price is moving upward toward the upper trendline of the consolidation phase. To see the breakout of the token, bulls must gather at MKR. Bears, however, could at any time halt the MKR coin’s upward momentum because volume indicates that the rate of accumulation is minimal. If bulls in MKR are to avoid getting caught in any bearish traps, they must accumulate quickly.

What do Technical Indicators suggest about MKR?

Source: MKR/USD by TradingView

On the daily chart, the MKR coin price is attempting to hold at the present level during the consolidation phase. Technical indications point to the MKR coin’s downward trend momentum.

Relative Strength Index showcases the downtrend momentum of MKR coin. RSI is at 34 and is hovering above 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 need to wait for any directional change over the daily chart. 

Conclusion

Since June 2009, the price of Maker has been constant inside the horizontal range-bound zone. The token has been trying to break out of the consolidation phase, but bulls have repeatedly failed to hold gains at the threshold of the consolidation phase. MKR’s bullish sentiment shows that they are this time concentrating on recording the token’s breakthrough from the horizontal zone. However, the cost of the token has remained constant at $680 to $1000. Bears, however, could at any time halt the MKR coin’s upward momentum because volume indicates that the rate of accumulation is minimal. Technical indications point to the MKR coin’s downward trend momentum. The MACD line is below the signal line but with minor differences. MKR investors need to wait for any directional change over 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 people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.   

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