- The MKR token price is trading at the supply zone on a daily time frame.
- The MKR token price is forming a flag and pole pattern on a daily time frame.
- The pair of MKR/BTC is trading at the price level of 0.02973 with an increase of 3.29% in the past 24 hours.
According to the price action, the MKR token price is bullish because it is holding at the supply zone. On a daily basis, the token price has risen from the demand zone to the supply zone. The recent bearishness in the cryptocurrency market has had no effect on the token price, which is still on a bullish trajectory. On a weekly basis, the token price is forming a lower low and lower high formation.
On a daily basis, the token price is forming an upper high and upper low price structure. Currently, the MKR token price has begun to consolidate near the supply zone. Despite the market’s strong bearish pressure, the MKR token price had managed to hold steady above the demand zone.
The MKR token price is currently trading above the 50 and 100 Moving Averages. The recent rise in the token price resulted in the breach of these critical moving averages. As the token price rises, it can be seen resting at these moving averages. After bouncing off the lower band, the MKR token price is now trading at the upper band of the Bollinger band indicator. Volumes have increased, causing volatility to rise, and tyre investors should remain cautious until a clear trend emerges.
The MKR token price is forming an flag and pole pattern on a daily time frame
Relative Strength Index: RSI curve is currently trading at the level of 64.45.RSI curve has crossed the halfway mark of 50. As the token price bounces off the demand zone, the RSI curve can be seen moving upward, supporting the trend of the MKR token. The RSI curve has also crossed the 14 SMA downward indicating some bearishness before the further upwards movement. If the token falls below the demand zone, the RSI curve can be seen falling further and if it gives the breakout of the supply zone, the RSI curve can be seen rising higher.
Supertrend: The MKR token price rose as it faces strong bullish pressure from the demand zone. Until now the token price was continuously facing rejection at the super trend sell line but recent bullishness led to a breakout of the super trend buy line. As a result, the token price rose and the super trend indicator triggered a buy signal. Moving upward the MKR token price can be resting at the supertrend buy line .
Average Directional Movement Index: The ADX curve is on an uptrend for the past couple of trading days. As the token price rose from the demand zone, the ADX curve was seen supporting the trend. The ADX curve has turned sideways indicating a halt in the price movement. If bulls do not keep the power and the bears take it, the MKR token can be seen falling from the supply zone. This ADX curve can also be seen rising supporting the trend.
Conclusion: The MKR token price is trading at the supply zone, as per the price action. The token price is forming a bullish chart pattern at the demand zone. If token price breaks the supply zone and starts moving up the technical parameters can also be seen supporting the trend. As of now, it remains to see if the token price will break the supply zone or fails to do so and fall.
Support: $623 and $600
Resistance: $783 and $823
