- Maker governance introduces gasless voting for on-chain polls
- MKR token is trading near yearly lows
- Bulls struggling to defend $600 psychological support
Currently, Maker price is trading at around $618 with an intraday loss of 0.48%. The volume to market cap ratio is at 0.0291. Recently, Maker governance introduced gasless voting for on chain polls and now a significant amount of votes are deployed on arbitrum through this new feature.
Will Maker be able to defend Yearly low ?
On a larger time frame, Maker price has been slowly and steadily declining, facing strong resistance at $1153. Earlier, in September 2022, the token created a fresh yearly low at $581 and prices strongly bounced back almost recovering 94% on upside and again faced hurdle at $1153 which indicates strong sellers are active on higher levels.
Currently, Maker has lost all the previous gains and is trading near $618 which may soon approach the support zone of $480 to $581. The 200 ema (green) sloping downwards indicates prices to remain in downtrend for coming months but in between some relief rally is possible. The 50 day ema (pink) also sloping downward which will act as immediate resistance for bulls in coming days. The RSI at 38 pointing sideways indicates prices may enter an oversold zone whereas the red volumes bar is on decline shows bears are losing the grip on lower levels.
The closer window
On a lower time frame, Maker prices had been less volatile and consolidating in the small range between $600 to $700. Currently, prices are continuously trading below the 50 ema (pink) in a 4 hours time frame which is acting as a hurdle for bulls.The key support level will $ 581 which is also a yearly low, if prices slipped below $581 bulls may drag the price to lowers towards next support $480. As of now, aggressive traders can build buy positions for the target of $891 by keeping $500 SL and if prices slides below $480 we may see more downside towards $400
After analyzing MKR prices on multiple timeframes, it’s visible that bulls are struggling hard to defend the $600 support. Along with that, multiple indicators suggest a trend to remain weak for the coming few months. Meanwhile, prices are near to support zones and positive sentiment can trigger a relief rally in coming days.
Resistance levels : $125 and $138
Support levels : $100 – $95
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.