MKR Price Analysis: Token faces rejection from 200 EMA again

The token is trading between its key Moving Averages.
The pair of MKR/USDT is trading at the price level of $767 with a decrease of -2.91% in the past 24 hours.

The Maker (MKR) token has shown strong bullish bullish momentum, gaining more than 50% in the past few weeks and is trading above the demand zone on the daily time frame.

MKR token on the daily chart

After a retracement on the 50 EMA, the token has rebounded strongly on the daily time frame. As we can see on the daily chart, the MKR token is currently trading at $767, with a loss of -2.91% in the last 24 hours, as shown on the daily chart. The token has crossed and sustained above the 50 EMA and is currently trading between its key Moving Averages which are 50 EMA and 200 EMA.( Red line is 50 EMA and the blue line is 200 EMA).It remains to be seen whether the token can break above the 200 EMA and continue its bullish momentum.

Relative Strength Index: The RSI curve of the asset is currently trading at 66.01 suggesting its presence in the overbought zone. The rise in the token price has led the value of the RSI curve to increase. But as the token is facing resistance at the 200 EMA and if the token is not able to cross above the 200 EMA and continue the bullish momentum and starts declining in value then we may see the value of the RSI curve to drop and may cross below the 14 SMA indicating bearishness.

Analyst view & Expectations

The token earlier attempted to break above the 200 EMA, but the bears were strong enough to hold the bulls. The token recently made another attempt, and we can see bears rejecting the price and forming a strong bearish candle. Investors should hold their buys until the token can break and sustain above the 200 EMA. Intraday traders, on the other hand, have a good opportunity to go short and book profits based on their risk to reward ratio.

According to our current Maker token price forecast, the value of the Maker will rise by 17.21% to $905.79 by the next few days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 58. (Greed). Maker had 19/30 (63%) green days with 4.36% price volatility in the previous 30 days. According to our Maker forecast, now is not a good time to buy Maker.

Technical Levels

Major support: $715 & 50 EMA on the daily chart.

Major resistance: $835 & 200 EMA on the daily chart.

Conclusion

The token is facing rejection from the 200 EMA and bears are pushing down the price of the token forming a bearish chart pattern as per the price action. Investors are advised to wait for a clear indication before acting.

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.