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- MKR token continues to trade inside a symmetrical triangle after finding support from the $2750 level.
- MKR token is trading below all the critical EMAs in the 4-hour technical chart.
- The MKR/BTC pair is trading at 0.08795 BTC, an intraday fall of 6.14%.
MKR token prices have risen 15% in the past 24 hours but are still moving sideways with a decent volume range. The coin price is bottling up inside the symmetrical triangle, and Investors can expect a breakout soon. The long wick red candle made in the weekly chart indicates a buying pressure on the rise. However, the possibility of fallout is plausible.
The crypto asset is beneath 20, 50, 100, and 200 EMA in the 4-hour technical chart and fails to rise above any of it. The descending alignment of the EMAs indicates bearish influence. Presently, MKR token trades at $3,231 with an intraday growth in market cap of 2.13%. The intraday trading volume of the coin has fallen 31% in the past 24 hours.
MKR Token Struggles To Breakout Of The Downtrend
MKR token price has been under the influence of a correction trendline since the rejection from the $6000 level. The price action fails to break the trendline and is influenced in a downtrend. The token price has found support from the $2750 level and manages to halt the rejection from the trendline.
As per the price action, the coin price may find support below the $2750 level at $1775, and on the flip side, the resistance level is at $3925 and $4650. A bullish breakout may lead the price to the $4650 level as the $3925 appears weak.
As per the daily timeframe, the coin price is trading just beneath the 50 (yellow) and 20 (red) EMA while hanging close to the 100 (green) EMA. 200 EMA waits below to support a fallout.
The RSI (bearish) implying a slight bearish momentum while trading at 45. The RSI line is dipped and is now heading back to the oversold area.
The ADX indicates a rise in trend momentum as it is trading at 33 while the slope in ADX is substantially moving higher.
Conclusion – MKR Token price is within the triangle, and the downtrend is still in play. Investors may soon observe a breakout, but the opposition from the EMAs make it more challenging than it has to be.
Support – $2750 and $1775
Resistance – $3925 and $4650
