Maker (MKR) and ThorChain (RUNE) Technical Analysis: What to Expect?
Table of contents
Maker (MKR)
This is the protocol behind DAI—an algorithmic stablecoin backed by various digital assets. As a minter, MKR governance tokens are the lender of the last resort.
Past Performance of MKR
At press time, MKR prices are firm, adding four percent versus the USD.
Most importantly, MKR crypto prices are solid above $3k—or July 2021 highs-- in a bullish breakout pattern.
As long as MKR/USDT prices are above $3k, every low may offer a loading opportunity for traders angling for $6k or better in the medium term.
Day-Ahead and what to Expect
The path of the least resistance is defined—northwards. As long as prices are above $3k, Maker token buyers are in control.
While traders are upbeat, the upside momentum is waning as lower lows print relative to the upper BB.
MKR/USDT Technical Analysis
Trading volumes are within range. MKR prices are within a bullish breakout pattern above July 2021 highs.
In the short term, the middle BB is the immediate support level.
Even retest may offer a loading opportunity for aggressive Maker traders.
A close above this week's highs of $3.5k may accelerate the expansion towards $6k. A price contraction below $3k cancels the uptrend.
ThorChain (RUNE)
The interoperable, cross-chain trading protocol depends on the Tendermint consensus algorithm using RUNE as the internal currency.
Past Performance for RUNE
The RUNE uptrend has been clipped despite flattering gains of early August.
At the time of writing, $7 is the immediate resistance level where bulls have failed to close above in the past few sessions.
As RUNE crypto prices flat-line, the coin is relatively stable, while the middle BB is the immediate support line.
Day-Ahead and what to Expect
As per the ThorChain technical analysis in the daily chart, a close above $8 will shake out bears, allowing buyers back into the equation.
If not, sustained losses below the middle BB might trigger deeper corrections, possibly back towards $5.
RUNE/USDT Technical Analysis
There are lower lows relative to the upper BB, signaling tapering momentum and volatility.
Even so, the uptrend is valid as long as prices hold above the middle BB and $6.
Aggressive traders may load on dips.
However, risk-on RUNE bulls should wait for a definitive buy trend continuation above $8 and August 2021 highs before committing.
In that case, RUNE/USDT prices may rally back towards $20, continuing late July 2021 gains.