MKR Technical Analysis: Buyers Ready To Reclaim The $1000 Mark
Table of contents
Key technical points:
Past Performance of MKR
The MKR price action shows a bullish reversal from the support level at $700 after a short consolidation range resulting in a 30% jump to reach the 20-day EMA. The double bottom formation and the lower price rejection candles were evident in the growing bullish influence over the consolidation.
Source- Tradingview
MKR Technical Analysis
The MKR prices surpass the $900 mark and attempt to surpass the 20-day EMA(blue) to continue the uptrend to $1000. Moreover, the increase in trading volume supports the possibility of an uptrend continuation. The MACD indicator shows a reversal in the fast and slow lines that may shortly lead to a bullish crossover, a buying signal for short-term traders. Moreover, the fall in negative histograms teases a potential resurgence of a bullish trend.
The RSI slope gradually rises higher to surpass the 14-day SMA but takes a lateral shift before reaching the halfway line. Hence, the indicator reflects a resting phase due to the higher price rejection. The spike in Maker’s market value challenges the 20-day EMA that has provided resistance to multiple bullish reversal attempts. Hence, the breakout of the EMA will signal a breakout entry opportunity. In a nutshell, the MKR technical analysis forecasts the 20-day EMA breakout will fuel the uptrend to surpass the $1000 mark.
Upcoming Trend
Traders hoping for a bullish recovery in the Maker market value must wait for the EMA breakout. Then, investors can expect the prices to surpass the $1000 mark to reach the $1200 mark.
Resistance Levels: $1000 and $1200
Support Levels: $950 and $900