MKR/USD under Pressure As Price Plummets Below $1100

The Maker (MKR) price prediction eyes $1000 support to gain momentum to overcome resistance at the $1200 level.

Maker Prediction Statistics Data:

• Maker price now – $1082
• Maker market cap – $1 million
• Maker circulating supply – 977.6 thousand
• Maker total supply – 977.6 thousand
• Maker Coinmarketcap ranking – #48

MKR/USD Market

Key Levels:

Resistance levels: $1300, $1400, $1500

Support levels: $900, $800, $700

MKR/USD has been facing the upside as the coin moves to cross above the upper boundary of the channel. At the time of writing, the Maker (MKR) touches the resistance level of $1,103 with the generally bullish market during the European session as the coin retreats below the opening price of $1090.

Maker Price Prediction: Would MKR Price Move Higher?

The Maker price is hovering at $1,082 amid losses but still above the 9-day and 21-day moving averages in the daily chart. At the moment, the drop is likely to be consistent as the technical indicator Relative Strength Index (14) emphasizes the declines trending lower within the overbought region. The nearest support at $1000 is likely to hold despite the strong arm of the bears within the channel.

However, MKR/USD may need to touch the resistance level of $1200 and focus on taking down higher hurdles at $1300, $1400, and $1500. Nevertheless, if the bullish push failed and $1000 support comes to focus, traders should expect another support at $950, any further support levels could be located at $900, $800, and $700.

Against Bitcoin, the recent price decline places the Maker above the 9-day and 21-day moving averages. However, the 4500 SAT and below could provide a support level for the next selling pressure if the price crosses below the moving averages, the Relative Strength Index (14) is preparing to leave the overbought region.

Meanwhile, after touching the daily high of 5649 SAT today, MKR/BTC price drops to where it is currently trading at 5472 SAT. If the support level of 5449 SAT can act as a solid line of defense against any further downtrend; the resistance level of 6500 SAT and above may come into focus.

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