Maker price analysis: MKR price takes a downturn to $1701 as bears take charge

TL;DR Breakdown

• MKR/USD value is standing at $1701.4.
• Maker price analysis predicts downtrend.
• Support has gone below $1727.

The latest Maker price analysis shows signs of a strong downtrend, as the price curve shows a downward movement for the day. In the past few weeks, the market has been ruled by bears, and in the past few days, the trend has been quite similar. More selling activity is seemingly taking place, and it is expected that further loss is on its way. After the recent drop, the cryptocurrency value is currently standing at $1701.38.

MKR/USD 1-day price chart: Cryptocurrency faces further downside as price falls below $1701

The bearish trend is taking over the market as MKR/USD value underwent a marked decline in the last 24-hours. This trend is expected to intensify in the coming few weeks, as the selling pressure is getting high. The price is now standing at $1701.4 after facing a massive shock today. The moving average (MA) value in the one-day price chart is at a relatively stable position for now, i.e., $1939.

The SMA 50 curve is at a relatively greater height than the SMA 20 curve, as the bears have been dominating for a while. If we move towards the Bollinger bands Indicator, its upper band is standing at $2370, whereas its lower band is standing at $1726.78 point. The Relative Strength Index (RSI) score is also quite low and is touching the under-bought limit, i.e.30.30.

Maker price analysis: Price levels collapse below $1694 after bearish drift

The four-hour Maker price analysis predicts a declining trend for the cryptocurrency, as the bears have been maintaining their lead. In the past four hours, the MKR/USD value drastically declined to $1695 because of ongoing selling pressure. The bearish trend has been consistent for the past few hours and will most expectedly remain strong in the upcoming hours. The four-hour price chart’s moving average is settled at $1802.

The volatility is increasing, which means that the bearish trend will outstretch in the future. The upper band of the Bollinger bands Indicator is touching the $1936 mark, whereas the lower band is touching the $1689 mark. The RSI graph also shows a descending curve, and the score is now 36.52 for MKR/USD.

The selling activity has peaked in the past few months, as is being further indicated by the technical indicators chart. There is a strong bearish signal as 16 indicators stand on the selling point, nine are neutral, and only one is on the buying point.

The Moving Averages Indicator is showing signs of a downward trend as well. There are 14 indicators present on the selling side, while one stands at the neutral and zero at the buying positions. The Oscillators give a neutral hint regarding today’s market trends. Eight oscillators are at a neutral level; two are at the selling level, while only one oscillator is at the buying level.

Maker price analysis conclusion

From the above Maker price analysis, it can be confirmed that the cryptocurrency is facing a major loss due to the bearish wave. Today, the price underwent a significant decline and has been lowered up to $1701.4. If the downtrend expands in the upcoming week, the analysts expect a further reduction in coin value.

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