Maker Price Analysis: Fresh Breakout, Bulls Still Dormant

Maker Price Analysis: Fresh Breakout, Bulls Still Dormant
  • Maker price has recently given a breakout from a flag and pole pattern 
  • Maker price hasn’t shown any fresh buying yet; bulls seem to be dormant 
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Maker price has given a breakout from the flag and pole pattern on the 4-hour time frame. The coin has ascended above the resistance but hasn’t got accompanied by a surge in volume. However, the price range volume analysis indicates a higher buying volume at the current levels, which reduces the possibility of reversal. The market cap and 24-hour volume are $2,604,277,306 and $115,645,082 respectively. 

Maker Price Sustaining Above Pivot, Bulls Awaited 

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After giving breakout from the pennant pattern, Maker price has successfully sustained above the pivot level but still makes doji candles. The price is also above the 50% Fibonacci level and expected to show fresh buying once the price surge above 61.85. 

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The price is receiving support from the 20EMA($2600) and 50 EMA($2550), while it is facing resistance at $$2770 by the 200EMA. 

The Bollinger Bands have contracted to confirm increasing in volatility. The upper band is surging, whereas the lower band is being followed, an indication of declining selling volatility and increasing buying volatility. The support is received at $2562 and $2418 by the median(10EMA) and lower bad. The upper band restricts the price to $2705. 

The RSI is 54.66, not showing any surge yet. The indicator’s line may find resistance at 64-65, 70 and 91. The support exists at 42.5 and 32.5. 

The MACD(8,21,5) has flashed buying signals for the bulls, but the signal line has diverted towards the slow line(due to lack of buying pressure). The lines are at 0, so reversals are rare but possible.

Conclusion – 

Maker price has broken out of the pennant pattern whereas sustaining above the pivot and 20 and 50EMA. However, the bulls haven’t entered the coin yet; if the coin doesn’t get fresh buying, it may witness further profit booking and plummet. 

Support: $2550-$2600(50% Fibonacci level) and 10EMA,20EMA and 50EMA) 

Resistance: $2,700(Upper BB), $2,800(R1 Pivot Level and 78.6% Fibonacci level) and $2980-$3,040(100% Fibonacci level and R3) 

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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