Will the Buyers Succeed in Their Quest?

The Maker price is currently trading near the supply zone, after taking a sharp bearish decline as was estimated in the previous analysis. Investor sentiment for the token is turning bearish.

At present, the price chart is presenting a bullish outlook. The MKR price is trading below the 200 EMA, where the oscillators – RSI and stochastic RSI are moving against each other. Recently, the price of MKR also made a bearish reversal. Essentially, the price may take a bullish reversal in the near future.

The TVL, Fees, and Revenue of MKR Token

The Total Value Locked of the MKR token is projecting a sharp downfall since last November when it was around 19.00B.. Though this value is steadily increasing The current TVL of the MKR token is $6.76.

Maker’s fees and revenue have declined significantly. However, it observed a slight increase over the past few days. The total fees generated by Maker annually is 23.96M and revenue is 23.96M.

Greed and Fear Index of Overall Market Sentiments

Presently, the overall market sentiments have been near the Neutral zone over the past few days. Its value has been stagnant at 50 points in the index over the past few weeks, as per the Greed and Fear Index provided by the Alternative(dot)me.

Technical Analysis (1-Day Timeframe)

The RSI line recently has been making a lower high and low pattern. The value of RSI at present is at 37.37 points whereas the 14 SMA is providing resistance to it at 37.83 points. The RSI seems to indicate that the price may see a slight correction before it finds bull support.

The stochastic RSI is reaching the overbought levels on the daily timeframe. The %K indicates that it may soon take a negative reversal near its previous resistance level moving above the %D line near 80 points. The value of the stochastic RSI at present is 73.90 points.

Conclusion

According to the analysis, MKR price is presently trading near the support zone. The price is trading under all the major EMA levels, taking constant rejection from the 100 EMA on a one-day chart. It may attempt to make a positive rebound from the support zone at $600 where its next target according to MKR price prediction is $800, though the bearish sentiments of the buyers remain.

Technical levels:

Support –$600

Resistance – $800

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.