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- 1 MKR price chart shows a rebound from the demand zone of $500.
- 2 Bulls are flexing, preparing for a range breakout.
Maker price is willing to escape above the 200-day EMA but faces rejection and is waiting for a breakout above $700. The price action shows an accumulation move that buyers led from the demand zone of $500, where a gravestone doji candlestick was formed. This long-wick rejection shows that sellers were trapped, and afterward, a one-way recovery was noted, breaking multiple in a single run showed buyers gaining strength.
Moreover, Maker price is showing higher-highs and higher-low pattern in the last few trading sessions, indicating that buyers are eager to escape the critical range of $700, where the 200-day Exponential moving average (EMA) was placed.
The trajectory shows that if the Maker price escapes above the immediate 200-day EMA barrier near $700, buyers could attract more attention and head toward the next resistance mark of $765, followed by $800.
Furthermore, the price indicates a fresh reversal. It initiates fresh signals of an uptrend where buyers are making fresh long positions to beat the mighty bears, and sellers are on the back foot due to the increasing bullish momentum.
At the time of writing, MKR price is trading at $690.15 with an intraday gain of 2.18%. Moreover, the intraday trading volume noted an increase of 3.34% at $ 26.09 Million. Furthermore, the pair of XMR/BTC is at 0.02273 BTC, and the market cap is $675.59 Million.
Daily Charts Shows Fresh Beginning of an Uptrend
On the daily charts, Maker price has recovered from lows of $500 and is gaining momentum. Furthermore, the price trades above the 20 50,100 days EMAs but below the 200-day EMA, which buyers are willing to attain in the following sessions.
Moreover, the price is facing a barrier of 38.2% Fib level, which is a hurdle for the bulls. However, the price has made a bullish candle above the mid-Bollinger band, showing signs of strength leading to the uptrend.
Short Term Charts Shows Buyers Accumulation
On the 4-hour charts, Maker price indicated a fresh beginning of an uptrend and made a grip above the 20-day EMA.
The RSI curve has been rescued from the oversold region and attained neutrality showing a positive divergence.
The MACD indicator shows a bullish crossover and forms green bars on the histogram.
Conclusion:
Maker price is ready to escape the critical resistance mark of $700, where the 200-day EMA mark was located. However, buyers continue to put in efforts which could lead to a range breakout in the following sessions.
Technical Levels:
Support Levels:$660
Resistance Levels:$720 and $765
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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.
