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- The MKR token price has managed to sustain at the demand zone which led to a strong uptrend in recent days.
- The token price is forming a cup and handle pattern on a daily time frame.
- The pair of MKR/BTC is trading at the price level of 0.03113 with an increase of 2.34% in the past 24 hours.
The MKR token price as per the price action is in strong uptrend. Despite a brief fall in the overall cryptocurrency market in the last week, the MKR token price has managed to sustain itself at the supply zone. Currently, it is trading at the price level of $760.00.
MKR token price forms a change in the price structure
The MKR token price as the price action suggests is forming a higher high and higher low price formation on a daily rate frame. A recent bullish move led to a breakout over the 50 and 100 day Moving Average which were acting as a strong resistance. As of now, the token price is hovering around the resistance above the 50 and 100 MAs. Moving averages can act as a strong demand zone. During pullbacks, these MAs can act as a crucial support area.
At present, the MKR token price is trading above the 15 EMA as it bounced off the lower band of the Bollinger band indicator. As the token price trades near the upper band of the Bollinger band indicator, it can be seen rising further high if bulls overpower bears. Volumes have been normal despite the strong bullish move, investors should be cautious as this becomes a worrying sign.
The MKR token price is forming a cup and handle pattern on a daily time scale
The MKR token price as it trades near the supply zone, and the super trend indicator also turns bullish. Previously, the super trend indicator was acting as a strong resistance but recent bullish movement less to break out of the super trend sell line. Moving further upwards this super trend buy line can be seen acting as a strong support area.
MACD lines were seen supporting the strong bullish moves as it triggered a positive crossover. The blue line crossed the orange line on the upside indicating a strong bullish momentum in the upcoming days possibly leading to the breakout of the supply zone.
Relative Strength index has also gone past the halfway mark of 50. If the token price manages to sustain above at the supply zone then it can be seen breaking the long term resistance currently the RSI curve is transacting at the price level of 58.75. If the token price breaks the supply zone. The RSI curve can be seen moving up supporting the trend.
Conclusion: MKR token price as per the price action is on a rise. The technical parameters are also supporting the current trend. If the bulls manage to hold the bearish pressure from the bears at the supply zone. Then in the upcoming days the token. Price can be seen breaking the resistance. Investors should remain cautious and wait for a clear trend.
Support: $721 and $701
Resistance: $780 and $795
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.
