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- MKR price plunged from $3770 to $3459 on Friday’s trading session
- The 24-hour volume in Maker is at $1,315,270,376 with a 449% increase
- The MKR/BTC pair was trading at 0.05583 BTC with a gain of 26.54%
The 4-hour technical chart of MKR price forecasts a profit-booking which is pushing down the price for a short while. According to pivot points, MKR’s critical support level is placed at $2540. Whereas if it moves up, the key resistance level to watch is $3770. While diving into the weekly chart of a 4-hour time-frame, it completes a bearish engulfing candlestick pattern representing bears are in control.
EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) is above EMA-13,21 (green, yellow), which projects a positive trend. The price is sustaining above 55-EMA (red). Investors may perceive positive crossover in the EMA, and the price had followed the positive trend.
RSI indicator (BULLISH), with a value of 69, indicates a buy signal in the coin. Moreover, Investors can see a downward slope from 88 to 69 in the index, and it may cool down in future trading sessions.
The volume of (2.05K) represents a low selling volume which is below the Volume MA (3.00K) of 20-days. Selling pressure has begun in Maker to drive its price to lower levels.
Maker (MKR) Price Selling Pressure Has Begun
MKR Price traded at $3459 with a gain of 22.80% in the last 24-hour and 60.45% up in the weekly time-frame. Furthermore, Maker plunged from the resistance of $3770. In contrast, the market capitalization stands at $3 billion. Technically, investors can perceive a positive crossover in the EMA, and the price is trying to sustain above all the EMA. RSI index showcases a downward slope. Moreover, the price movement can be towards the EMA-21 of $3015 in future trading sessions.
Resistance: $3770
EMA-21: $3015
Support: $2540
Mr, Nikhil Ingole is a Chief Editor at The Coin Republic with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain’s future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. He possesses strong technical, analytical skills and is well known for his financial market’s informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.
