- After many attempts of a trend reversal, the price is again facing a downtrend over the daily chart.
- The coin is on the verge of breaking its crucial support.
- The MKR/BTC pair is at 0.03646 BTC with a loss of 3.53% in it.
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 after many attempts of a trend reversal is finally now trading at a downtrend over the daily graph. The MKR bulls attempt to make a trend reversal but the bears dominate them again and again. This time too the bulls are being dominated and the price is moving below the 5 day exponential moving average. In order to overcome this cat-mouse game, the coin needs to attract more buyers which will help to increase the buying. Once buying is increased the demand will increase and the coin will gain the trust of investors once again.
The current price for one MKR coin is trading at $1096.8 with a loss of 4.49% in its market capitalization in the last 24 hrs. The coin has a trading volume of 79 million with a gain of 59.02% in the 24 hrs trading session and a market cap of 1 billion. The volume market cap ratio is 0.07806
Short-term Analysis for MKR
Analyzing the graph for the short term (4 hrs) we get the same downtrend movement. Analysts believe if this situation continues the coin may fall below the crucial support of $1000. It will be very difficult for the bulls to handle the situation after the breakdown of $1000 support. The technical indicators like MACD indicate a bearish movement as the indicator just witnessed a negative cross over the MACD line though the signal is not very strong but then too it will make a conspicuous price fall.
The relative strength indicator is indicating the increase in the selling pressure over the coin as it is moving downward. The RSI value is nearly equal to 35.
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.
ALSO READ: Ripple Lawsuit update: Ripple Scores as court dismisses the SEC’s Motion to Seal
Source: https://www.thecoinrepublic.com/2022/06/12/maker-price-analysis-after-many-attempts-of-recovery-the-mkr-price-is-now-trapped-in-the-tornado-of-downtrend/