Maker price analysis: Bulls attempt to retrace near the upper level of the Bollinger bands indicator

• Now the bears are attempting to dump the Maker token price; After the sharp recovery from the demand zone, the Token is forming the falling channel.
• During the retrenchment, the maker token price is retesting the 50-day moving average in terms of the daily price chart; however, the price is below the 100 and 200 MAs.
• Maker with bitcoin pair price appears to be bearish by 4.5% at 0.0518 Satoshis.

The MAKER token is in a retrenchment phase following a rapid recovery from oversold territory. At the time of writing, the Maker token was down 2.01% to $2210. Following the appearance of the long-legged Doji candle on 22 January, the asset rose fast, gaining around 42% of its cost from the weekly low. After retesting the upper level of the Bollinger bands indicator, bears are expected to dominate the Token trend.

The bulls were successful in keeping the price of the Maker token above the 20 and 50-day moving averages, but the bears have continued to sell the currency for the previous four days. However, the Maker token has dropped 2.9% of its trading volume in the last 24 hours, indicating minimal traders’ interest. The volume oscillator indicator dropped fast and entered the negative zone. In addition, the volume to market capitalization ratio is 0.03635. Although, The Maker token has immediate support at $2000, and the resistance sits at $2800.

Maker, Price action represents the pole and flag pattern in daily price chart

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Maker Token’s price with the Bitcoin pair is 0.05183 satoshis, a 4.5% decrease. Following the breakthrough of the upper Bollinger Bands level, the pair price retested the critical 0.060 satoshis resistance and represents the bullback. At the time of writing, the pair price is retesting the 20-MA line of the bollinger bands, which represents the bulls’ last hope. If bulls are unable to keep the pair price above the 20-MA, we may witness short-selling till the demand zone.

After falling into oversold territory, the relative strength Index rebounded significantly. RSI is currently at 55, and it may shortly retest the half-line (50). However, the average directional index has shifted to the downward and may assault crucial 18-point support (of ADX indicator).

ALSO READ: With seven 50% drawdowns in the past, here’s how ETH faring in the market now

Conclusion 

It appears like bears are once again attempting to dominate the Maker Token trend. However, the price movement of Maker Token is reflecting the pole and flag pattern. Bulls may re-enter the game if the currency price breaks through the following channel.

Support level – $1600 and 1300

Resistance level – $2500 and $2600

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.