Maker price analysis: Bulls gear up to push MKR above $2500

Maker price analysis Bulls gear up to push MKR above

TL;DR Breakdown

  • Maker price analysis is bullish today.
  • Strong support is present at $2180.
  • Strong resistance is present at $2830.

The Maker price analysis is going strongly bullish today. Some traces of bearish resistance have also been observed, but bulls seem successful in dodging them again and continuing their lead. The bullish momentum is of a considerable magnitude as the price has risen to $2529, from the level of $2250 since the start of the session today.

Though the last few days have been critical as the price suffered significantly due to a continuous bearish streak, and the price function remained downwards during the last week. MKR/USD pair gained a value of more than three percent during the last 24 hours; however, MKR is at a loss of 17 percent if we observe the coin’s value over the last seven days.

MKR/USD 1-day price chart: Bulls march aggressively as volatility decreases

The 1-day price chart for Maker price analysis shows MKR/USD price has recovered well today. MKR has almost reclaimed the losses of the last three days as bulls continue their parade towards higher resistance.

Maker price analysis: Bulls gear up to push MKR above $2500 1
MKR/USD 1-day price chart. Source: Tradingview

The volatility is decreasing for MKR/USD pair as the Bollinger bands are narrowing down, which seems like a good omen for the cryptocurrency. The upper band is present at the $3238 mark, and the lower band is present at the $2211 mark, making an average at the $2725 mark. The latest satisfactory development is that the moving average (MA) has traveled below the price level and is present at the $2490 mark, indicating a bullish crossover. The relative strength index (RSI), though still in the lower half of the neutral zone, is on an upward curve at 41 index; the indicator is suggesting entrance of buyers in the market, taking the value up.

Maker price analysis: 4-hour chart confirms the bullish move

The 4-hour price chart further validates the strength of the bullish momentum, as the price is going higher towards the next resistance level. AS the price is near the upper bank of Bollinger bands, which is a bullish indication, but we don’t expect the price to get a further leap.

Maker price analysis: Bulls gear up to push MKR above $2500 2
MKR/USD 4-hour price chart. Source: Tradingview

The moving average is below the price level at the $2336 mark in the 4-hour chart, along with the Bollinger bands average at the $2360 mark. The volatility is considerably high in the hourly charts, with the upper Bollinger band at $2573 and the lower Bollinger band at $2147. The relative strength index (RSI) has increased in recent hours and is found at 58 index, indicating buyers’ interest in the MKR asset.

The technical indicators for Maker price analysis are still standing in support of bears due to the continuous bearish trend of the last days, with 14 technical indicators still favoring selling of asset option while only two indicators favoring a buying of asset option. However, 10 technical indicators stand neutral and do not give a buy or sell signal.

The moving averages are also strongly on the bearish side, with 13 moving averages including short and long-term averages supporting the selling option, whereas only one Hull moving average is supporting a buy option Ichimoku baseline, another important indicator is standing neutral. At the same time, the oscillators are overall neutral, with nine oscillators standing neutral and one oscillator each supporting the buying and the selling options.
The MACD oscillator, which is based on historical data, still favors the selling option due to the bearish trend of the past days, while the momentum oscillator, which is of keen importance for intraday trading, favors the buying option.

Maker price analysis: Conclusion

The maker price analysis from the current price function suggests buying of assets. However, a correction can happen at any time due to such a price spike. We expect the price to remain below the $2800 envelope today. The resistance can only be surpassed if the RSI score grows into the overbought range, which does not seem possible today, but can happen in the next two days.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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