Maker Price Prediction: $600 – Short term Support, Bulls Should Stay at This Level

Maker token price seems to be correcting higher above the $600 support.
The trading volume decreased by 22% to $20.3 million in the last 24 hours.
Before reaching the conceptual level of $1000, the bulls need to break the $900-resistance.

While investors closed their most recent long positions, the Maker token price traded near its yearly support level. The Maker crypto quickly recovered from its valid pounding zone for bulls. Because of the failure of the FTX cryptocurrency exchanges, the crypto market sentiment is extremely negative.

Buyers have been struggling to overcome the selling pressure for a long time. Amidst the downtrend, the bulls lost an important defense zone at $1000. Later, market sellers placed deep sell orders at this point. During recovery, bulls need to be honed at this rounding level.

As of press time, Maker Token is trading at $664 against the USDT pair. So far, the crypto price has remained in the green by 1.07% during the intraday trading period. However, the coin showed up to be attempting to correct above the $600 support over the last three days. Buyers are getting scared at the moment, and analysts predict a selloff from present levels if market position fails to control key support levels.

Price action forms the lower-highs formation in terms of the daily price scale. Amid downtrend, the 200 day moving average stood to be a key dumping zone for bulls, in fact, all significant moving averages are far above the current price. Although, trading volume decreased by 22% in the last 24 hours at $20.3 Million. Before reaching the ideological round level of $1000, bulls need to break $900-resistance.

Relative Strength Index (RSI) stays flat just above the oversold territory. Now its peak is present at 38 levels, showing that recovery is occurring in Maker (MKR) token. On the other side, the Average Directional Index (ADX) moves in lower levels, therefore, MKR moves sideways.

Conclusion

The Maker token price is gradually moving higher in a lower-time frame. Trading volume is looking low this week, therefore, buyers are unable to reverse the trend. Bulls need to acquire a positive trend above $600 support level.

Support level – $650 and $580

Resistance level – $1000 and $1150

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing