MKR Technical Analysis: 50% Surge Passes $1750 Mark
Key technical points:
Past Performance of MKR
MKR prices show a sharp V-shaped reversal from $1000 after a downfall of 56% in the last month due to the failure to sustain above the 200-day EMA and the $2400 mark. The sharp reversal forms two bullish engulfing candlesticks surpassing the $1750 mark within two days.
Source-Tradingview
MKR Technical Analysis
MKR price action reflects a sudden recharge in the underlying bullish powers but faces higher price rejection at the 200-day EMA. Nonetheless, the recovering prices increase the chances of surged market value sustaining above the 50-day EMA.
The falling trend in the crucial daily EMAs maintains a bearish alignment with a significant spread.
The RSI slope shows a sharp spark from the oversold zone and surpasses the 14-day SMA along with the halfway line to enter the nearly overbought zone.
The MACD indicator indicates a sharp reversal bringing a bullish crossover in the negative territory. Moreover, the crossover starts the positive trend in the bullish histograms, increasing the chances of the uptrend above the $1500.
In short, the MKR technical analysis forecasts a potential uptrend to the $2000 level.
Upcoming Trend
Considering the sudden splash of buying pressure drowning the MKR sellers, the uptrend seems here to stay and increases the chances of sustaining above $1500. Therefore, traders can expect the uptrend to reach the $2000 mark again if the buying pressure supports.
Support Levels: $1750 and $1500
Resistance Levels: $1500 and $1250
