- This seems set to surge and end with a recovery phase.
- The trading volume goes flatter than usual and shows no vulnerability.
- Its market capital drops by 5.8% to $648 millions.
The MKR market is preparing to spring upwards and get out of the current steady trend. The market shows quicker recovery in the present situations where the whole market is knee-deep in the drowning industry.
What the charts reveal
The price forms a falling wedge pattern, indicating the upcoming uptrend for MKR. the price may break the current resistance in order to mark the breakthrough and surge. The volume also moves flat before bouncing upwards. It may soon surge higher, closer to the $1200 level.
The MACD indicator moves towards convergence, may converge soon, and then go intertwined, reflecting the neutral phase. The RSI indicator moves in the range of 30-40 marks, as the market is currently neutral. It may maintain the same pace and move in the neutral bounds, but slightly closer to being sold heavily. The upcoming phase may witness high volatility and surging prices.
The closer window
The price moves in a way maintaining the pattern formed and preparing for the breakthrough. The MACD indicator tangles with the signal line and goes neutral neither being bullish nor bearish. It may diverge with the MACD line above the signal line and mark a bullish breakthrough but it will not maintain it.
The market will witness an uptrend in the coming future and become bullish, breaking the current pattern of a downtrend. Amid this havoc, such indications encourage the users as they reflect some rays of hope. Investors are eager to see the upcoming good times of the crypto market, which will re-intact their trust in the industry.
Support levels: $658 and $604
Resistance levels: $989 and $1100
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.