- MKR coin price increased more than 25% since May 2021 after the breakout of the ascending triangle.
- The coin price is trading above all the major EMA’s, in the daily timeframe.
- The MKR/BTC pair is trading at 0.09942 an intraday growth of 12.28%
MKR token prices have risen more than 25% since May 2021, after the breakout of the ascending triangle, as predicted in the previous article. The large-bodied green candlesticks formed with the long tails, in the monthly time frame, indicate higher buying pressure. The token price is lifting and making higher highs which increases the possibility of the continued bull run. Investors might see this increasingly buying volume as a strong underlying bullish sentiment.
The Maker price today is $5,627.41 with a 24-hour trading volume of $616,889,862. The token price is up 15.20% in the last 24 hours. The current ranking of the coin is #38, with a live market cap of $5,598,061,551.
The uptrend continues for MAKER
MKR coin price has risen more than 25% after breaking out of the ascending triangle and continues trading above the major 50 EMA. Along with the pattern breakout, the coin price has given a breakout of the $5500 level. The coin price is accompanied by a decent volume range indicating the presence of a large group of traders/investors. As per the pivot points, the coin price might face resistance from the $5600 and the $6500 levels as they are important immediate resistance levels. Breakout of this resistance level might boost the price another 20-25% up. The support level of $3800 is the immediate support level.
As per the 4-hour timeframe, the coin price is trading just above the 50 (yellow) and 200 (white) EMA which indicates an uptrend. The coin price is heading lower and may find support again from the 50 EMA. Short-term Investors may consider buying the dip.
The RSI (bearish) indicates slight bearish momentum while trading at 60. The RSI line is dipped and is now heading back from the overbought zone. RSI is expected to be bearish till it reaches near 52.
The ADX indicates a stagnant momentum as it is trading at 21 while the slope in ADX is moving sideways.
Conclusion – MKR coin price is trending higher in the parallel channel and is expected to continue to do ao, till June 2021. The increasing volatility might change the course of the trend, hence, early traders must be careful.
Support- $3800
Resistance- $5600 and $6500