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- Maker formed a bullish engulfing candle from its yearly demand zone.
- MACD on way to generate positive crossover whereas RSI at 37 reversing upwards from the oversold zone
MKR price is trading with the mild bullish cues and forming a bullish engulfing candle from its demand zone of $524 while the bears are trying to drag the price further down towards $500 levels. As per coinglass, In the last 24 hours, the long and short ratio stood at 0.99 denotes a neutral sentiment between buyers and sellers.Currently, MKR/USDT is trading at $552 with the intraday gain of 0.18% and volume to market ratio stood at 0.0249
WIll MKR bounce back from the demand zone ?
On a daily time frame, MKR has been in a downtrend and the bears kept on dominating on higher levels. In the end of September MKR prices had gain some positive momentum from $581 level and prices shot up almost 88% form the lows and hits a high at $1106 which shows aggressive buyers are active in lower levels, but unfortunately, bulls unable to sustain the higher levels and sellers took the control over price and dragged the prices down back to its previous demand zone.
Currently, prices are trading in the range between $520 to $580 and likely to expand on either side soon. The 50 day ema (pink) at $654 sloping down will act as an immediate hurdle for bulls followed by next will be 200 day ema (green) and a swing high at $900
The MACD has been mildly bullish as it has generated positive crossover which denotes MKR prices might turn upside in the favor of bulls and RSI also reversing upside from the oversold zone may provide more confidence to bullish investors.
Good time to accumulate MKR ?
On a lower time frame, MKR price looks similar to higher time frame and has been trading sideways in the range between $582 to $675 with a bearish bias. Recently, bears have succeeded to break the lower range of $582 which triggers little more selling and hits a fresh low at $523. After a little bit of consolidation bulls showed some positive momentum from the recent lows and are likely to continue upside in coming weeks. The supertrend indicator had generated a sell signal indicating a short term trend to remain weak but if bulls succeed to trade above $582 we may see a short term bullish trend reversal.
Summary
MKR Price had not been able to perform well in the past few months and had been continuously dominated by bears. As of now prices are still in a bear grip and buyers are reluctant to buy at lower levels. Whereas, The technical indicators showed mild signs of a short term temporary pullback rally in coming days which can be used as an opportunity for aggressive traders to build long positions for the target of $582 and above by keeping $524 as SL and If price slips below $524 bears may drag the price further down towards $500 levels.
Technical levels
Resistance levels : $582 and $675
Support levels : $524 and $500
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
