- On December 16, Maker reached a 6-month low at $530.
- With a 1.27% intraday gain, MKR price is looking positive since last night.
- The trading volume fell by 60% in the last 24 hours, registering $31.8 million.
Crypto markets are suffering from a correction phase after the recent recovery. Thus many altcoins, even bitcoin and ethereum, struggle with selling pressure. Maker Token is one of them, which declined below its yearly low. Recently buyers spotted a latest yearly low at $530 before a slight recovery.
4 Hour Chart of Maker Token
During downtrend, investors have lost many pivotal hedge zones. Early in December, bears aggressively brokedown crypto price below $620 mark, was key support level. Later on it registered a 52 week low at $530 on 16 December. This recent low may act as immediate support for bulls.
Buyers are taking interest in Market crypto, thus along with 1.27% intraday gain, MKR price seems positive since last night while price trades at $560 at press time. Bullish momentum lit-up the market capitalization at $546.2 Million in the last 24 hours, and recorded 2.4% gain. Crypto may struggle at $580 resistance level in upcoming trading sessions.
Maker Price on Daily Basis
On the daily chart, Maker Token is trading below the 20-day moving average. The short-term and long-term outlook is bearish unless the buyers overcome this bullish hurdle soon.
With the upside trend, the RSI indicator is taking support at the entrance to the oversold region. As of now, the peak of the RSI is moving towards the higher side. Furthermore, the MACD indicator is still trading higher after the bullish crossover. Tea
Conclusion
Despite the rally in two days, sellers are ready to close the weekly candle of Maker Token in the red. There are several bullish hurdles in the higher zone which could hamper the positive recovery.
Support level – $600 and $580
Resistance level – $700 and $1000
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.
Source: https://www.thecoinrepublic.com/2022/12/18/maker-trades-at-lower-levels-will-it-reverse-bearish-trend-next-week/