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- In the intraday trading session, Maker Token shows a rally in price after a sharp drop.
- The 200 moving line of the EMA ribbon indicator is an important selling point for bears.
- The market cap of MKR crypto is up 10% in the last 24 hours, which is reported at $760 million.
Maker Crypto immediately rebounded from its legitimate pumping zone for the bulls. The crypto market sentiment is very weak due to the collapse of FTX crypto exchange. Buyers are panicking right now and analysts predict that if the market dominance fails to manage the next key support levels, the market may sell more from the current levels.
Bears have been dominating Maker Token price since its all-time high. They continue to make gains due to the nearly 85% drop in prices in the last 20 months. Speculators are waiting for a strong confirmation of the directional outlook, as the price of MKR remains in the red zone and any major drop in the crypto market could bring a blood bath.
Although October month was good for investors as Maker crypto registered a bullish breakout along with massive trading volume. This price rally also tended at the 200 moving line of EMA Ribbon indicator, in the context of daily price scale. Resulting in, price moved below EMA ribbon’s moving line amid recovery.
Against the USDT pair, Maker crypto is trading at $783 mark together with 16.3% intraday gain. This is the only gain in the past six trading sessions. Thus Market cap of MKR crypto is up 10% in the last 24 hours, reported at $760 Million. Nevertheless, volume looks neutral at $76 Million as per last 24 hour’s data of CMC.
RSI worked great as it rebounded from the oversold zone after dipping into it. Now its peak is headed towards the halfway mark (50 mark). Besides, MACD reached in the negative region and suggested a scary sell-off ahead.
Conclusion
Maker crypto investors attempt to maintain a $650 support level. After today’s sudden rebound buyers came into action and placed their buying orders at this key support level to propel price back to the next ideological round level of $1000.
Support level – $650 and $580
Resistance level – $1000 and $1150
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 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.
