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- This week Maker Price appeared in a sideways trend.
- Buyers are driving MKR price above the 20 simple moving average.
Maker Token has once again declined below the monthly support. On December 7, a three-month low of $600 disappointed buyers. Later, speculators are struggling with an internal candlestick pattern suggesting a consolidation phase for the coming week.
Buyers are struggling this week due to the red candles that have been issued over the past three days. However, buyers kept the maker above the previous swing low. Last night, traders saw inverted hammer candles on the daily chart. This bullish signal could lead the price recovery towards the $700 level in the immediate vicinity.
Hourly Chart Suggests Struggle
Hourly chart shows selling on rise because each swing higher stood below the previous high. Conversely, buyers attempt to manage higher-lows after reversing from the monthly low. Meanwhile, the MKR token against the USDT pair is trading at $615 at the time of writing. Similarly, MKR/BTC pair price stays up 0.36% at 0.0587 Satoshis.
Amid higher-lows formation, in intraday trading session, buyers are pushing MKR price through-out the 20 simple moving average (white). Despite the fact, Maker price appears in a sideways trend this week.
Over the daily price chart, trading volume observes low, hence buyers often fail to reverse bearish trends. In the last 24 hours, trading volume fell 6.8% at $13.4 Million. Besides, as the ADX indicator begins increasing higher, buyers may become aggressive after seeing this positive sign.
Still the 20 day moving average is remaining above the current price of Maker, which interrupted the bullish trend before. Following the sideways momentum, RSI indicator is hoving flat at 38 Mark.
Conclusion
The Maker price (MKR) is getting a bullish acceleration closer to the monthly low of $600. As of now bulls must manage ongoing trends to overcome selling pressure for short-term outlook.
Support level – $600 and $580
Resistance level – $700 and $1000
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.
