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- 1 MKR price is consolidating in the demand zone.
- 2 The current MKR price is $676.00 with a change in 24-hour trading volume of 7.64 percent.
MKR price is currently trading at $676.00 while seeing an increase of 7.60 percent in the last 24 hours. After taking support at $503, Maker price made a bullish candlestick pattern of three white soldiers with a bullish engulfing candle and gained 46 percent in value. However, after taking resistance from $738, MKR started moving within a range and after making multiple attempts to break the resistance, Maker price made a successful breakout after making a bullish hammer and an engulfing candlestick pattern in mid-february.
MKR Price Trading in the Supply Zone on (1-Day Time frame)
However, after making a break out, the price gave an extremely bullish move of 36 percent and almost reached the $1000 target. The price made a sharp downturn and lost 43 percent of its value. Despite making several attempts to cross its current resistance, the price was not successful in breaking the critical resistance level.
As of now, after taking strong rejection at $1000 and losing 30 percent of its value, the price is currently consolidating around the demand zone near $640. This consolidation and the spinning-top candlestick pattern is suggesting that the price might soon make a trend reversal. The candles are forming a bullish hammer which is a bullish reversal indicator. Hence, if MKR price makes another bullish pattern such as an engulfing candle or three white soldier pattern, it will confirm the reversal of the price action.
The RSI line is in the demand zone below the 14 SMA. RSI line is closely following the price action which indicates strong movement. The RSI line is at 41.87 points while facing resistance from the 14 SMA which is at around 45.19 points. The RSI movement in the demand zone is suggesting that it might make a reversal and start moving towards the supply zone.
The overall market sentiments are currently trading in the greed zone at 61 points while seeing an increase of 3 points in the last 24 hours, showing buyer interest according to the Alternative(dot)me site. The Maker price is currently being dominated by the sellers with 52 to 55 percent across most of the major crypto currency exchange platforms according to Coinglass.
Technical levels –
Support – $640.00 and $600.00
Resistance – $740.00 and $800.00
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.
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.
