- The current MKR price is $662 while seeing a change in the 24-hour trading volume of 17.31%.
- MKR price is down 0.85% in the last 24 hours.
The Maker (MKR) price is currently trading near the demand zone while making spinning top candlestick patterns indicating that the price is currently facing exhaustion. The investor’s sentiments regarding the overall price action are bullish. But the price might take a bullish turn after facing the seller’s dominance over the last few weeks. The price is facing some major resistance in the form of 100 EMA and 200 EMA.
The MKR price trading near the demand zone on the (Daily Timeframe)
The price for MKR, according to the Coinglass platform, is being overwhelmed by the sellers by 52 to 68% across all the major cryptocurrency exchange platforms. The market sentiments are currently trading in the greed zone near 62 points within the greed zone in the greed and fear index while seeing a sharp decline of 10 points.
Technical Analysis ( 1 Day Timeframe )
As of now, after facing resistance at $950 multiple times while also making a dark cloud cover candlestick pattern, the price made a breakdown from the 200 EMA with a strong momentum. The price is currently trading near the 100 EMA while the 20 EMA has crossed below the 50 EMA. And as of now, it is trading just above the 200 EMA while the 100 EMA is trading below it.
The Relative Strength Index (RSI) line is currently trading in the demand zone, consolidating with the price. The current RSI value is 41.50 point which is taking resistance from the 14 SMA trading around $42.78. The consolidation of RSI near the demand zone suggests that it might start moving upwards driving up the price.
Conclusion
The MKR price is currently trading near the demand zone around $660 while its next support level is just below it around $620. It is currently trading near its resistance level which is near $689, and its current major resistance is around 8% above the current price around $726. If the price does cross above these resistances successfully, it can reach its next target of $900.
Technical levels:
Support -$640 and $620
Resistance – $689 and $726
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/03/27/mkr-price-analysis-will-the-bulls-take-over-the-price-action/