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- MKR token price surged 12% overnight and volume increases by 288% in the 24 hours of session
- Maker token price is stuck between the 50 and 200 day EMA
- MKR token technical indicators remained sideways
Maker(MKR) token prices are trading with mild bearish cues and bear’s are trying to break the lower range of consolidation. However, the bulls seem to be aggressive and given a sharp bounce back from the demand zone. Currently, the pair of MKR/USDT is trading at $741.00 with an intraday loss of 3.77% and the 24-hour volume to market cap ratio at 0.1361
MKR price prepare’s for the next phase of the rally?
Maker(MKR) token prices are in the short term uptrend and rising upward by forming a bullish continuation pattern which has gained the confidence of the long term investors. In the mid of January, MKR prices succeeded to reclaimed the 50 day EMA which has turned the short term trend in the favor of bulls and prices rallied 35% approx in the short period of time. Later,prices took halt near to the $800.00 level and witnessed a minor sell off in the past few trading sessions.
Presently, the MKR token price seems to be trading in the narrow range between $600 to $800 and bulls have attempted multiple times to break out of the higher range but unfortunately prices got rejected and thrown back the range which shows that the bear’s are not willing to give up the supply zone. However, if the overall market sentiment remained positive, then we may see a $800.00 breakout in MKR which will trigger the further rally and prices might march toward the $900.00 level.
The technical indicators of the MKR token like MACD is sloping sideways indicating that the prices will remain in consolidation for some time and the RSI at 56 denotes the neutral sentiment between buyers and sellers. On the other hand, price action shows that the MKR prices are bottomed out and preparing for the next phase of rally. However, On the lower side $600.00 will be acting as a important support and till the prices hold $600.00 level the probability of the upside breakout will remain in the favor of bulls.
Summary
Maker(MKR) token prices have tried multiple times to break out of the higher but got rejection indicates that the sellers are active at higher levels.However, the MKR prices have consolidated a lot and seems to be forming a short term base which will attract genuine investors and increase the probability of upside range expansion.
Technical levels
Resistance levels : $800.00 and $900.00
Support levels : $600.00 and $500.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes 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.
