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- 1 Maker price is currently trading at $741 while witnessing a gain of 0.27% during the intraday session.
- 2 MKR price trades above the 20,50,100, and 200-day EMAs.
- 3 The year-to-date return of Maker is 45.01%.
Maker price was bullish during the start of 2023 when the price started to rise from the low of $503 and formed a high at the $980 level. This move led to a return of roughly 93%. Since then, the price has been displaying a bearish trend. The price established support at the $920 level to retest the annual high but the move was halted at $979.
Recently, MKR price has formed support at the $617 level. On June 10, the cryptocurrency price attempted to break below the support level and was successful. However, due to the active presence of bulls near the yearly low of $502, the price leaped back above the $617 level, leaving behind a long lower wick to the downside.
Currently, MKR price is in a bullish trend but is facing resistance from the $760 level. If bulls can push price above the $800 level, there is a high probability for the price to head toward the next resistance level of $920. The break can also confirm a move toward the annual high of $980.
On the other hand, if the current candle can break the lower wick of the previous candle, there is a high probability for the price to experience a short-term pullback before rising further. The price may fall toward the $669 level, and if a break of the major support level of $617 occurs, the MKR price might fill the lower wick of the 10 June candle.
The market capitalization of Maker has decreased by 1.98% to $727 million. The 24-hour volume has decreased by 28.63%. The price is down by 88.26% from the all-time high of $6339.
Will Maker Price Retest Annual Highs?
The Chaikin money flow score is 0.18, suggesting strength in the market. CMF has started to move sideways after facing resistance from the $760 level. Maker price has crossed all the major EMAs positively, indicating bullish momentum in the price. The next target for MKR price is $800.
The RSI entered into the overbought zone, and the price started to decline. Currently, RSI trades at 69.80, indicating that the price still possesses bullish momentum, but traders should be aware of the possibility of reversal if a break above $760 does not occur. The long/short ratio of Maker is 0.90, with 47.41% longs and 52.59% shorts, indicating increased bearish pressure over the price in the last 24 hours.
Conclusion
The market structure and price action of Maker Price is bullish. The price needs to stay above 200-day EMA and wreck the resistance level of $760 to rise further upward toward the $800 level. The technical parameters are favoring the buying side, but a break and close above $800 would provide a safer opportunity for Traders looking for bids.
Technical levels
Major support: $680 and $617
Major resistance: $800 and $920
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
