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- The MKR price is currently dealing with an aggregation of sellers over the daily price chart following a phase of bulls.
- The crypto asset is moving above the 20 and 50 days moving average.
- The MKR/BTC pair is at 0.04616 BTC which is a gain of 2.26%.
After an accumulation phase of bulls, the MKR price is now facing an accumulation of sellers over the daily price chart. This signifies that bears are smashing the bulls’ efforts of recovery, but currently, a ray of hope can be observed, as the coin somehow managed to attract buyers and now the reversal has begun.
The bears made the price sink 15% in 5 days and destroyed the bullish efforts, this shows that the bulls need to be consistent to make a successful recovery, or else can face a collapse. The trading volume is recovering now and is currently at a decrease of 2.88%, standing with bullish support. This recovering volume is a big support for the price.
The current price for one MKR token is hovering at $1057.45 which is at a gain of 2.50% in its market capitalization in the last 24 hrs. The token has a trading volume of 208 million which is at an insignificant loss of 1.52% in the 24 hrs trading session and has a market cap of 1 billion. The volume market cap ratio is 0.1914.
What do Technical Indicators Suggest for MKR?
The recovery phase has begun over the daily and hourly chart and the multiple EMA is about to give a positive cross as the 20 day average just approached the 50-day one from below.
The MACD indicator shows the buyer’s line is moving above the seller’s line and amid this reversal, the gap is getting broader again displaying the bulls’ efforts.
The relative strength index has just now taken a U-turn and is now moving towards the upper region supporting the same. The RSI value for MKR is nearly equal to 55 currently. Whereas the Bollinger band cloud is moving neutrally at present.
Conclusion
After an accumulation phase of bulls, the MKR price is now facing an accumulation of sellers over the daily price chart. The bears made the price sink 15% in 5 days and destroyed the bullish efforts, this shows that the bulls need to be consistent for a recovery. The trading volume is healing and this recovering volume is a big support for the price.
Technical levels
Resistance levels: $1102 and $1189
Support levels: $947 and $891
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
