- The MKR price is facing a continuous downtrend. The bulls fail to reverse the trend.
- The Crypto asset has fallen below 20, 50, 100 and 200-days Daily Moving Average.
- The MKR/BTC pair is at 0.04121 BTC with a loss of 1.55%.
Maker is the governance token of the MakerDAO and Maker Protocol respectively a decentralized organization and a software platform, both based on the Ethereum blockchain that allows users to issue and manage the DAI stablecoin.
The MKR price is facing a continuous down trend even after the bull‘s attempt for trend reversal. The graph shows the bulls are putting efforts but their efforts are of no use as the beards are dominant over the market. The MKR bulls need more support to overcome this bearish rally. The price slumped 15.33% in 3 days and is still falling. The whole market is suffering from this bearish rally, the investors are waiting for the trend reversal to make an entry in the market.
The current price for one MKR coin is trading at $1148.45 with a loss of 5.43% in its market capitalization in the last 24 hrs. The coin has a trading volume of 99 million with a gain of 2.52% in the 24 hrs trading session and a market cap of 1.1 billion with a loss of 5.07% in it. The volume market cap ratio is 0.08858.
Let’s See What do Technical Indicators Suggest about MKR?
The technical indicators are indicating a bearish movement further as the MACD line just made a negative cross over the MACD signal line which means a bearish rally to cone further.
The relative strength index is also moving slowly towards the oversold region indicating the increase in selling. The RSI value is nearly equal to 40.
Conclusion
The MKR price is facing a continuous downtrend even after the bull‘s attempt for trend reversal. The MKR bulls need more support to overcome this bearish rally. The investors are waiting for the trend reversal to make an entry in the market.
Technical levels
Resistance levels: $1200 and $1240
Support levels: $1110 and $1060
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/06/05/maker-price-analysis-mkr-needs-to-attract-more-buyers-as-the-bears-are-still-dominating/