MKR Technical Analysis: If Price Falls on Testing the Resistance, Support at $2936.10, $2821.06, and $2634.87
Maker is a project originally conceived in 2015 and launched in December 2017. Maker is tasked with operating DAI, a community-managed decentralized cryptocurrency whose value is soft-pegged to the US dollar. Let us look at the technical analysis of MKR.
Past Performance
On the 28th of July, the trade opened at $2,690.51, and on the 5th of Aug, the trade closed at $3,278.27. During this week, MKR has increased by 21.84%. In the last 24 hours, MKR traded between $3,039.4-$3,313.44. Indicating high volatility in the market.
MKR Technical Analysis
The RSI is currently at 69.10%, the RSI is showing a constant trend at this point suggesting a neutral market. The RSI has resisted itself from entering the overbought zone and is currently making support near it. Assuming it has more potential left to enter the overbought zone, therefore, the price may rise after this cool-off.
Moreover, the OBV indicator is upward sloping. Thus, indicating a high buying pressure level.
Currently, MACD and EMA both are above the zero range. This suggests the market is in the bullish trend, MACD is above the EMA line, thus in this horizon buying pressure is higher than the selling pressure for MKR.
The current trading price is below the resistance level 1 of $3308.49, this gives scope to the price to further increase, after reaching this level the price will test and try to break this level. However, if it breakout and sustains above the R1 level, it will highlight the next resistance at $3800.08.
Day-Ahead and Tomorrow
If the price falls after testing the resistance, it will take support at $2936.10, $2821.06, and $2634.87, respectively. The possibility of breaking down is less, as the price has been following the upward sloping trend line.
In the last 24 hours, the MKR price rose by 8.55%. The indicators suggest a neutral trend for today. The traders shall wait and watch the price, if the selling pressure overtakes the buying pressure then we can expect a bearish trend and vice versa.
We expect a neutral market for tomorrow as well.