- Maker Token made an upward move after reversing from September lows.
- MKR price is moving towards the 100-day moving average on the daily chart.
- Trading volume increased by 52% to $68.1 million compared to the previous night.
Maker Token is outperforming after reversing from monthly lows. This price recovery is eliminating each sell order or bear. Buyers are pushing the price towards the conceptual round level of $1000, which could act as a key hedge for the bears. Thus buyer manufacturers dominate the crypto trend but what next?
Following a bullish trend, buyers saw a consolidation phase last week. This accumulation phase helped the buyers a lot, thus the weekly candle is up 12.8% so far this week. Meanwhile, buyers continue to record weekly bullish candles for the past three weeks.
The September low of $581 turned into the key hedge zone of buyers. Besides, the $892 mark may act as an immediate resistance zone in the upcoming trading sessions. Thus, the Maker token against the USDT pair is trading at the $850 mark along with a 5% intraday gain. In addition, Maker crypto along with the Bitcoin pair is in the green zone by 3.9% at 0.04271 satoshis.
During higher-lows formation, the market cap of Maker crypto is up 7.9% at $831 Million in the last 24 hours. In terms of the daily price scale, MKR token is increasing above 20 and 50 day moving averages. Now MKR price is heading towards the 100 day moving average. However, Trading volume is up 52% at $68.1 Million over the last night.
RSI Moves in Overbought Territory
The RSI indicator is moving into the overbought zone in the context of daily time frame. As well as, MACD is going to move above the neutral zone along with higher-highs histogram. Both indicators suggest a strong positive trend in Maker token.
Conclusion
The Maker token is about to reach a 100 day moving average over the daily value chart. Near ideological round level of $1000 stands as a key selling zone of bears. Now bulls need to maintain higher-lows trend close to upcoming days.
Resistance level- $1000 and $1200
Support level- $730 and $580
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.