MKR Price Analysis: Is MKR Price Trading in the Demand Zone?

• 1 MKR value is consolidating successful nan request zone.
• 2 The existent MKR value is $676.00 pinch a alteration successful 24-hour trading measurement of 7.64 percent.

MKR value is presently trading astatine $676.00 while seeing an summation of 7.60 percent successful nan past 24 hours. After taking support astatine $503, Maker value made a bullish candlestick shape of 3 achromatic soldiers pinch a bullish engulfing candle and gained 46 percent successful value. However, aft taking guidance from $738, MKR started moving wrong a scope and aft making aggregate attempts to break nan resistance, Maker value made a successful breakout aft making a bullish hammer and an engulfing candlestick shape successful mid-february.

MKR Price Trading successful nan Supply Zone connected (1-Day Time frame)

Source:  MKR/USDT by TradingView 

However, aft making a break out, nan value gave an highly bullish move of 36 percent and almost reached nan $1000 target. The value made a crisp downturn and mislaid 43 percent of its value. Despite making respective attempts to transverse its existent resistance, nan value was not successful successful breaking nan captious guidance level.

As of now, aft taking beardown rejection astatine $1000 and losing 30 percent of its value, nan value is presently consolidating astir nan request area adjacent $640. This consolidation and nan spinning-top candlestick shape is suggesting that nan value mightiness soon make a inclination reversal. The candles are forming a bullish hammer which is simply a bullish reversal indicator. Hence, if MKR value makes different bullish shape specified arsenic an engulfing candle aliases 3 achromatic worker pattern, it will corroborate nan reversal of nan value action.

The RSI statement is successful nan request area beneath nan 14 SMA. RSI statement is intimately pursuing nan value action which indicates beardown movement. The RSI statement is astatine 41.87 points while facing guidance from nan 14 SMA which is astatine astir 45.19 points. The RSI activity successful nan request area is suggesting that it mightiness make a reversal and commencement moving towards nan proviso zone.

The wide marketplace sentiments are presently trading successful nan greed area astatine 61 points while seeing an summation of 3 points successful nan past 24 hours, showing purchaser liking according to nan Alternative(dot)me site. The Maker value is presently being dominated by nan sellers pinch 52 to 55 percent crossed astir of nan awesome crypto rate speech platforms according to Coinglass.

Technical levels –

Support – $640.00  and $600.00

Resistance –  $740.00 and $800.00

Disclaimer

The views and opinions stated by nan author, aliases immoderate group named successful this article, are for informational purposes only, and they do not found financial, investment, aliases different advice. Investing successful aliases trading crypto assets comes pinch a consequence of financial loss.