MAKER Price Analysis: MKR Token Breaks Out Of The Ascending Triangle, Retest In Play

  • MKR token price boosted more than 15% in the last two days to break out of the ascending triangle sooner than expected.
  • Maker governance Executive voting has integrated ETH and WBTC collateral types into Liquidations 2.0, i.e., maker protocol’s liquidations system. 
  • The MKR/BTC pair is trading at 0.08205, an intraday growth of 7.42%
Source- tradingview

MKR token price increased more than 15% before taking a push down to the start all-time high level of $4993.

The red candlesticks formed with the long tails indicate higher buying pressure near the support trendline in the daily timeframe, which is a very suitable formation during retest.

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The coin price is moving up with higher highs, increasing the possibility of a new all-time high-level formation.

The increasing buying volume with long, long tails does imply that bulls are more powerful.
The live Maker token price today is $4,663.31, with a 24-hour trading volume of $498,013,448. Maker is up 4.44% in the last 24 hours. The live market capitalization of the coin is $4,641,104,074.

New All-time High Season

MKR coin price has been trending higher inside a parallel channel and trading above the major 50 EMA. Along with the pattern, the coin price has given a breakout of the $4680 level. 

A decent volume range accompanies the coin price but decreasing indicating that the breakout is weak, but the success of retest might cover that up. The support trendline moving close with the 50 EMA is intact and has pushed the price back up for quite some time now. The coin price has been facing resistance from the $4680 level as it is an important immediate resistance level, but a break out of this resistance level might boost the price another 30-35% up after retest. The level of $3796 is the immediate support level.

As per the 4-hour timeframe, the coin price is trading above the 50 (yellow) and 200 (white) EMA, which indicates an uptrend, but the low breakout volume is skeptical. 

The RSI (slightly bullish) indicates slight bullish momentum while trading at 58. The RSI line is dipped and is now heading back to the overbought zone, but slight bullishness can be expected from RSI until it reaches its slight bullishness.

The ADX indicates a stagnant momentum after the recent spike, and it is trading at 16.4 while the slope in ADX is moving sideways.

Conclusion – MKR token price performs a low volume retest with the bullish engulfing formation in play, indicating a successful breakout even though the volume was not fascinating. The support trendline is intact and might boost the price up after successful retest completion. Early traders must be careful, though, as the slightest increase in selling volume could change the course of direction.

Support- $3796 and major EMAs

Resistance- $4993

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Vishal Dixithttp://www.thecoinrepublic.com
Vishal Dixit is a technical analyst with over a year of experience in the Indian stock market. He likes to read, learn and practice more about cryptocurrency, Forex, and Equity. He possesses strong technical and analytical skills in the financial market which comes from a strong background as a chemistry graduate and chess enthusiast.

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