- MKR price reversed from the support mark of $600 and held the neutrality.
- Bulls looking to pump up the momentum further.
Maker price is showing a rebound from the support mark and trying to attain the previous swings of $700. Recently, a downmove was noted on the charts which conveys a downtrend in price action.
Maker Token Price is showing a mild negative view and hovering between the band of $630 – $ 640 , the narrow congestion zone. The range between $600 – $650 is the ideal zone where a nominal view was noted rather than any decisive moves.
Moreover, the sellers continue to put pressure on bulls to break the price below the support mark of $600 to stretch the selling pressure. Although, buyers are also making efforts with accumulating the token to fetch 20 day EMA to attain fresh momentum.
When writing, MKR token trades at $635 with an intraday gain of 0.64% showing neutral indications. Moreover, the pair of MKR/BTC is at 0.02367 BTC, and the intraday trading volume increased by 2.70% to $11.29 million. The day high of MKR is $642.80 and the day low is $628.90 The market cap of MKR is $623.50 Million.
Daily Charts of MKR Token
On the daily chart, the Maker token is forming a falling wedge pattern which almost broke out in the last session, but due to the narrow range move with lower volumes , the token was unable to register any decisive breakout and stayed in the particular range. Although, buying conviction was there in the upcoming session based on the price action formation.
Moreover, the bollinger band also shrinks and showed a converging move which suggest a bigger moves in the upcoming session either in the form of breakout or breakdown.The token has a trajectory of $680 and followed by $700,on the higher side , whereas on the lower side of $600 is the crucial support and below than $580 between those trajectories the token will be travelling in the upcoming sessions.
What Traditional Indicators Say
On the 4-hour charts, Maker token price is showing neutral moves with trading within the range of $600- $650. Recently, the token slipped from the supply mark of $700, then after the token got stuck in the range.
The RSI sharply dropped from the overbought zone and dragged towards the neutral zone. It showed a negative crossover near the top and selling was witnessed on the charts.
The MACD crossover still showed red bars on the histogram and persisted in giving bearish indicators.Moreover, bearish crossover signifies the sellers engagement with the token.
Conclusion:
Maker token is stuck in the narrow range amid the breakdown in the past sessions. Moreover, the bulls continue to put efforts to sustain above the 20 day EMA.
Technical levels
Resistance levels: $680 and $700
Support levels: $600 and $580
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.