- MKR coin is on the verge of giving a death crossover of the 50-and-200-day EMA
- The MKR/BTC pair was trading at 0.05115 BTC with a loss of 1.03%
- The 24hr trading volume in MKR coin is $123.4 Million
The MKR coin shows a strong downtrend in its chart, which has dropped its price to the significant support of $2185. Like many of the ALT coins bouncing more, their important support levels. The MKR coin on 30th September also reversed from this bottom support with a morning star candle. Currently, this reversal is still considered as a minor pullback for the ongoing bear attack.
The MKR coin price is trading below the crucial EMA’s 20, 50, 100, and 200, projecting a bearish trend concerning the EMA’s. Moreover, the chart also shows a death crossover of 50-200 EMA lines, attracting even more sellers in this coin. Furthermore, the 20 EMA line is providing strong resistance to the MKR coin price.
The RSI (BEARISH) value is 46, indicating a slightly bearish sentiment in the MKR coin.
The MKR Coin Shows A Possibility Of Forming A Rounding Bottom Pattern.
Despite all the bearish sentiment for this coin, the technical chart provides a new ray of hope for the long traders with the possibility of forming a rounding bottom pattern in the 4hr time frame chart. The pattern has its neckline at the $3125 mark; if the price manages to provide a decisive breakout from this crucial support, the MKR trader can grab an excellent long opportunity in this coin.
The MACD indicators show both the MACD and signal line are moving above the neutral zone(0.00), indicating a bullish momentum in this coin.
Conclusion: From the technical perspective, the overall trend of the MKR coin is still bearish. And this view can only be changed if the price breaks out and sustain above a significant resistance level of the chart. Thus as mentioned above, the price is forming a bullish pattern with its neckline at $3125. Once the price break free from this level, the market traders will have more confirmation for a bull run.
Support– $2180
Resistance– $2600