- Maker Token has been witnessing a range-bound market for the past two weeks.
- On the 4-hours chart, MKR price remained well above the 20,50 and 100 simple moving averages.
- Speculators saw a decrease in volatility in the last 24 hours as volumes fell by 23%.
Following the reaction to the FTX crisis, the crypto market looks to be stabilising this week, with bitcoin gradually rising over the $16K support level. Conversely, as investors exited their most recent long – term investments, the Maker Token value was approaching its annual support levels.
The market outlook is improving now that BTC is increasing and more investors have begun to accumulate Maker Token. As a result, the market capitalization grew by 1.12% in the previous 24 hours to $647.4 million, according to CMC.
MKR on 4 Hour Chart
Maker Token has been trading in a tight horizontal range for the past several days amidst a positive environment. On the 4-hours chart, the bulls frequently held the $620 support, but it continued to face higher price rejections near the $670 immediate resistance. However, the bulls are aiming to reach the conceptual level of $1000 by the end of this year.
At the time of writing, the Maker Token price is trading at the $661 mark at the time of writing. For the past four trading sessions, the bulls formed green candles, as a result of which MKR crypto is up 2.32% in the intraday trading session. This happens because the price of MKR stays above the 20,50 and 100 simple moving averages on the 4-hour chart.
Buyers need more acceleration to break through the narrow horizontal range. Nevertheless, speculators saw a decrease in volatility as volumes fell 23% over the past 24 hours.
Maker Token price is moving towards the resistance area while sellers await another selloff at the 20-day EMA with reference to the daily price chart.
Support level – $650 and $580
Resistance level – $1000 and $1150
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.
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