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- Maker crypto price has declined by 60% in the past 3 months.
- MKR price has shaped a bullish pattern at the bottom.
On a wider time frame, the Maker (MKR) price has displayed massive selling pressure. The MKR price has dropped by 70% since April and reached a multi-month low. It has been declining by taking support on a descending trendline.
The price has reached the crucial zone of breakout and the trading volume has also increased after the three consecutive green days. At press time the price was trading below the key moving average. Let’s find out how the MKR price performs after the breakout.
Maker Price Has Formed a Falling Wedge Pattern
Maker crypto was trading at $1,214.80 at press time with an intraday loss of 1.34%. The market capitalization was $1.05 Billion with a neutral momentum over the past 24 hours. The 24-hour trading volume was up by 39% to $72.29 Million.
If the digital asset price triggers a breakout from the falling wedge pattern then buying pressure could be generated. Once the price exceeds the 20-day EMA, buyers may eye the 200-day EMA. If the MKR price manages to overcome the 200-day EMA, a sharp recovery could be seen.
On the other hand, if the crypto asset price fails to surpass the 20-day EMA, it may remain bearish . Maker crypto price has lost a major support level of $1.25 and is heading for the psychological level of $1. Once it loses this level, it could be difficult for the buyers to regain their hold.
Turning to the technical indicators, the RSI has shown bullish divergence on a wider time frame. However, it has generated a golden crossover with the RSI-based moving average in the short term. Alternatively, the MACD and the Signal line were below the Zero line. Additionally, the histograms were red for the past few days, which shows the sellers’ dominance.
Could the MKR Price Rebound Soon?
Vidura (@crypto_vidura), a crypto analyst, shared his analysis about MKR crypto on X. According to Vidura, Maker price is in the oversold zone in a weekly time frame and a bounce back could be seen.
The price has melted into the strong demand zone and the RSI showing bullish signs. Her small buying pressure can trigger buying momentum and a big target can be achieved. Bitcoin momentum can impact more in MKR crypto as the technical chart is strong.
Maker Price Prediction Based on Chart
The analysis suggests that the MKR price has formed a falling wedge pattern and is currently trading below the key moving average. If the price triggers a breakout from this pattern and exceeds the 20-day EMA, we may see buying pressure and a potential move towards the 200-day EMA.
On the other hand, failure to surpass the 20-day EMA could result in further bearish movement, with the price potentially heading towards the psychological level of $1. It’s important to note that the RSI has shown bullish divergence on a wider time frame. However, short-term indicators such as the MACD and the Signal line suggest a bearish sentiment.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
