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Maker Price Analysis: MKR Crypto made its Debut Inside Consolidation Phase 

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Maker Price Analysis
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  • Maker price is surging towards the upper price range of the consolidation phase over the daily chart,
  • MKR crypto is trading at 20 and 50 EMA but still below 100 and 200-days Daily Moving Average.
  • The pair of MKR/BTC is at 0.04129 BTC with an intraday gain of 4.35%.

Maker price has successfully made its way back inside the horizontal range-bound area. The MKR coin has fallen below the range on 16 September. The token manages to recover back inside the horizontal range. MKR coin is currently trading inside the consolidation phase and is rising towards the upper range to register its breakout. MKR bulls must provide the breakthrough for the token’s recovery. MKR investors need to wait for any directional change. 

Maker price is currently approximated at $804.06 and has gained 6.05% of its market capitalization in the last 24-hour period. Trading volume has increased by 75.60% of its market capitalization in the last 24-hour period. This demonstrates that buyers are trying their way out of the consolidation phase over the daily price chart. Volume to market cap ratio is at 0.0645.

Maker price is currently trading towards its breakout from the consolidation phase over the daily price chart. Bulls must maintain the accumulation rate to let MKR surge out of the consolidation phase. However, bears on the other hand may try for a pullback in between the recovery phase. Meanwhile, volume change can be observed above average and must be maintained in favor of bulls.

RSI Heading Towards the Overbought Territory!

Maker price is trying to hold the current uptrend momentum over the daily price chart. MKR crypto must sustain inside the consolidation phase over the daily chart. Technical indicators suggest that the MKR coin is about to be overbought any moment now. 

Relative Strength Index showcases the uptrend momentum of the MKR coin. RSI is at 63 and is heading towards the overbought territory. MACD exhibits the uptrend momentum of the MKR coin. The MACD line is ahead of the signal line.

Conclusion

Maker price has successfully made its way back inside the horizontal range-bound area. The MKR coin has fallen below the range on 16 September. The token manages to recover back inside the horizontal range. MKR coin is currently trading inside the consolidation phase and is rising towards the upper range to register its breakout. However, bears on the other hand may try for a pullback in between the recovery phase. Meanwhile, volume change can be observed above average and must be maintained in favor of bulls. Technical indicators suggest that the MKR coin is about to be overbought any moment now. 

Technical Levels

Support Levels: $720 and $675

Resistance Levels: $830 and $890

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. 

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