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Maker price analysis: MKR to retest $3220 resistance as bulls mark 13 percent gain

Maker price analysis MKR to retest resistance as bulls mark percent gain

TL;DR Breakdown

  • Maker price analysis is bullish today.
  • Strong support is present at $3025.
  • Strong resistance is present at $3220.

The Maker price analysis shows the coin is rallying high today to retest $3220 resistance. Today MKR bulls have covered a range upwards of $2976, as the momentum is strong and the coin has gained significant value today. Overall the last week proved profitable for the crypto pair as the price trend was upwards during this time. The resistance at $3220 seems quite strong and may go under test if bullish momentum continues. In contrast, support is present at the $3025 level.

MKR/USD 1-day price chart: Bulls gained good amounts of value for MKR/USD

The 1-day Maker price analysis shows that the bulls were quite aggressive today and has brought the crypto pair price to a good high level. The Maker is trading hands at $3203 at the time of writing, gaining 13 percent value over the last 24 hours, and the crypto pair also reports an increase in value by more than 35 percent over the course of the last seven days. The trading volume has been better today as it is up by more than 46 percent. The market cap also shows an improvement of nine percent.

Maker price analysis: MKR to retest $3220 resistance as bulls mark 13 percent gain 1
MKR/USD 1-day price chart. Source: Tradingview

The Maker is volatile at the moment as the Bollinger bands are expanding on a larger area, with the upper band at the $3242 mark representing resistance for the crypto pair and the lower band at the $2067 mark. The average of the Bollinger bands is at the $2654 mark representing support for the coin.

The relative strength index (RSI) is currently trading in the neutral zone at index 66. The RSI has been trading in the neutral zone since 3rd Nov when it fell from the overbought region. However, the RSI curve is upwards, suggesting an increasing bullish presence and an indication for buying.

Maker price analysis: Recent developments and further technical indications

The 4-hour Maker price analysis shows that MKR/USD spiked to $3143 during the first four hours of today’s session and continued upside to $3202 for the next eight hours, as the coin is trading at the later value now.

Maker price analysis: MKR to retest $3220 resistance as bulls mark 13 percent gain 2
MKR/USD 4-hour price chart. Source: Tradingview

The MRK/USD has reached near the resistance level of $3213 on the 4-hour chart, which happens to be the resistance level indicated by the upper Bollinger band. The Bollinger bands also show an increase in the volatility as they show divergence, which started from the starting hours of today’s session. The RSI is hovering near the overbought zone at index 65 and does not issue any signal. However, the RSI indicates bullish dominance and more buying activity going on.

The technical indicators for Maker price analysis are strongly on the bullish side as today’s bullish progression is quite aggressive along with the past week’s price function. 16 technical indicators show buy signals out of a total of 26 technical indicators, and none show a selling signal. However, the remaining 10 technical indicators stand neutral.

Maker price analysis: Conclusion

The Maker price analysis shows that the MKR is to face the resistance at $3220 shortly, but the bullish momentum seems aggressive enough and will soon breakthrough to a higher level than the said resistance. Traders can even expect a breakthrough above $3332 if the bullish momentum continues for another session.

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.
Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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