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- 1 The Maker network coin’s price increased by 2.22% over the last week and it is trading above all major EMA’s.
- 2 The price of the MKR coin is trading at $1270.01 and the 52-week range is $510 – $1357.
The MKR coin has performed well in the last month, increasing by 47.97% and by 72.62% in the last six months. Maker Network (BITSTAMP: MKR) coin has a positive year-to-date return of 150.44% and a positive one-year return of 18.73%.
Maker Network crypto surged by 2.69% in market value and by 34.61% in trading volume in the last 24 hours, as per Coinmarketcap, a crypto data analysis website. Its market value is $1,234,464,657 and its trading volume is $76,766,242. There are 977,631 MKR in circulation.
Maker coin’s (MKR) open interest is $124.90 Million. As per Coinglass, another crypto analysis website, it rose by 5.36% in the previous session. The long versus short ratio for 24 hours is 1.0101. The short liquidation is $138.41K versus $1.35K for the long liquidation.
Maker Coin Price Technical Analysis in the 1-Day Timeframe
MKR coin price showed an upward trend for the past three months, increasing by 97.85% during this period.
At the time of publication, the MKR Coin price is trading at $1270.01, and the price is taking resistance, if more selling volume adds then it might drag the price towards new lows.
Therefore, the MKR coin price could continue to move downwards and reach the nearest support at $1117.40 and $946.47. If it fails to maintain the current level.
However, if the MKR Coin price sustains the current level and rises, then it might hit the nearest resistance levels of $1357.34 and $1444.54.
At the time of publishing, the MKR coin price (BITSTAMP: MKR) is trading above the 20, 50, 100, and 200-day EMAs (exponential moving averages), which are supporting the MKR Coin price trend. However, if more selling volume adds up then the price might conquer supporting EMA’s by making lower highs and lows.
Hence, MKR Coin price prediction estimates the prices to move downwards, indicating a bearish outlook over the daily time frame chart for its price.
The MACD line at 55.67 and the signal line at 69.05 is above the zero line. Both lines crossed each other and a bearish crossover is observed in the MACD oscillator, suggesting bearish signals. The current value of the RSI is 62.67 points and the 14-day SMA is above the median line at 63.31 points, which indicates bearish sentiments as RSI took rejection on the 14 SMA line and headed for the oversold zone in the market for the MKR coin and highlighting bearishness.
Conclusion
MKR coin price prediction highlights the bearish sentiments and perspectives of investors and traders regarding the MKR coin in the daily time frame. Maker price action highlights a bearish view at the time of publishing. Moreover, the technical parameters of the Maker price suggest the continuation of the downtrend over the daily time frame chart. Major trustworthy indicators MACD, RSI, and EMA, provide negative signals regarding the MKR coin price.
Technical Levels:
- Support levels: The nearest support levels are $1117.40 and $946.47.
- Resistance levels: The nearest resistance levels are $1357.34 and $1444.54.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
