Maker Price Analysis: MKR Price Forming A Bearish Pattern With A Loss Of 3%

Maker Price is seeing a consolidated move
  • MKR performed negatively on MAR 11, 2021 trading session while making a 52 week high on Feb 20,2021
  • Maker price is $2129.14, which is down by 3.92% in the last 24-hour time-frame and 3.21% up from the previous week
  • MKR/BTC pair is performing negative with a loss of 4.60% in Thursday’s trading session  (0.03832 BTC)
Source:Trading view

Maker had positive momentum on the weekly chart, and it went up to $2317 on March 11, 2021, while breaking above the resistance zones created in the past. Whereas, Maker price set a mark of an all-time high on Feb,20,2021. Meanwhile, the trading volume of MKR is $113,720,986 in the last 24-hour time-frame representing a increase in the value of 11.84%. The MKR/ETH pair is down with a value of (1.182 ETH) which is 0.26% in today’s trading session.

TECHNICAL CHART INDICATES A CONSOLIDATED TRAP FOR MAKER PRICE

Source:Trading view

The technical chart of Maker highlights a consolidatedtrend. In contrast, Maker price is at $2134.61. According to fibonacci level, the critical support level for MKR is placed at 0.382fib, whereas if it moves up, the key resistance level to watch is $2400. While diving into the weekly chart of a 4-hour time-frame, it formed a supply zone.If the price goes above the supply zone than price can see a 10% upside.If the price goes below the supply zone than a strong downside movement can be seen.

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Volume indicator with the value (2.178K) reflects a low selling volume in coin. Investors can expect an increase in buying volume in the upcoming trading sessions.

SMA-50, price is at $2036, which acts as another strong support in the coin. The price is above the SMA, and investors can expect a bullish trend in the coin.

Meanwhile, the RSI indicator (Bearish) with a value of 44.52 indicates a bearish signal in the coin.There is a negative slope in the RSI which showcases that the price can observe a downtrend.One can wait until a significant positive slope is observed in the RSI.

CONCLUSION 

Maker price is down by 3.67% on Thursady’s trading session. The price is above the 100 SMA of $1664. MKR/ETH pair is performing negative and one can expect a further downtrend.Investors may expect a rise in upcoming trading sessions.One should do their  own research before investing.

Technical Levels

Resistance: $2500.00

Support: $1800.00

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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