- Maker token continues declining under the falling parallel channel over the daily price scale.
- The 20 day exponential moving average stood to be a red zone of volatility.
- Despite the downtrend, MKR price recovered nearly 10% in the last 24-hours.
Short-sellers again got success to register the fresh 52-week low of Maker Token in September 2022. This yearly low attracts more sellers for fresh short-positions. Now the $581 Mark turned into the last swing low of 2022, as well as bulls have attempted to recover the price and changed this level into the defending zone.
MKR draws the lower-highs trend since it’s all-time high of $6,339 level. Profit booking at higher level, became the worst for buyers because Maker Token still hasn’t bottomed out, buyers may become witness of more sell-off below the recent low, if they fail to manage price above weekly low.
However, Maker Crypto reflected recovery in the second quarter of 2022, but it was unsustainable and market volatility gave the market dominance to sellers. As a result, MKR has been fluctuating into the falling parallel channel (blue) while the token is trading at $671 Mark at at press time along with 3.7 intraday gain.
Buyers are aggressively accumulating Maker tokens higher side, resulting in, market cap increased by 10% in the last 24-hours at $656.5 Million as per CMC. Despite the price recovery, the trading volume seems neutral at $31 Million, which means this bounce may turn into a sell-off near the resistance trendline of the bearish pattern.
The $681 Level Turned into Immediate Support of MKR Token
Bears have been dominating the Maker Crypto Since 14 August after the 20 and 50 EMA crossover. Later on, the 20 day exponential moving average stood to be a red zone of volatility and Bears’ selling zone. Besides, the rising RSI indicator attracts bulls to retest the $800-bullish hurdle.
Conclusion
The Maker token needs to leave this bearish chart pattern (falling parallel) to see short-term bullish rallies because bears have many selling zones on the higher side. Although the RSI indicator is offering positive signs for this week.
Support level – $580 and $500
Resistance level – $800 and $1000
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.
