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- Maker price has re-entered the descending parallel channel on the 4-hour chart
- Maker token has re-entered the descending parallel channel on the 4-hour chart
- Maker token has re-entered the descending parallel channel on the 4-hour chart
Maker is a non-minable token that is presently trading at the price level of $3332 and has a market capitalization of $3.3 Billion which puts it in 23rd place in the global cryptocurrency rating.
According to CoinMarketCap, Maker’s trading volume since the past 24 hours is $237 million which constitutes an increase of 25% from the previous day.
Despite last week’s bloodbath that caused MKR to lose 50% of its value, the price action sustained above the colossal support trend line. This highlights the prevalence of the bulls and the fact that a bullish trend continuation is intact.
However, MKR needs to steer clear of the bearish crossover transpired by the 20 and the 50 EMA on the daily chart. The success of the EMAs to do so will plunge the price towards the demand zone which is in convergence with the pivotal support level of $2783.
MKR bulls are currently eyeing the vertical trend line. A breach of the sideways trend line will add accountability to the fact a huge move is expected in the upcoming trading sessions.
The current price of MKR is $3332 established on the back of a 6.11% increase in the last 24 hours. In the past 30 days, the price of MKR has decreased by 28.87% while its accomplishments on the 1-year time frame amount to 679.52%. The expected volatility in the next two weeks is at its highest value.
Maker price chart on the 4-hour time frame hints bullish divergence
The 4-hour chart forecasts a bullish trend for MKR as evidenced by Bullish Divergence. MKR price action has successfully re-entered the descending parallel channel after the huge dip.
MKR has conveniently moved past the 0.0236 FIB and the 0.382 FIB.
The subsequent resistance lies at 0.5 FIB which corresponds to the $3560 level. A breach of this level will grant MKR an exit ticket out of the bearish continuation pattern.
MKR has risen by more than 15% after discovering support above the 0.236 FIB retracement level in two days.
The Relative Strength Index (bullish) is hovering exactly inside the equilibrium range after dictating double bullish divergence.
The Moving Average Convergence Divergence (slightly bullish) has entertained a bullish crossover as evidenced by the accelerating histogram at press time. The distance of the histogram from the two lines is at its lowest which means that bullish recovery won’t be long-lasting.
Technical levels
SUPPORT: $2783
RESISTANCE: $3560, $5000
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
