Maker price analysis: MKR declines at $2550, recovers back to $2501

Maker price analysis MKR declined at recovers back to

TL;DR Breakdown

  • Maker price analysis is bullish today.
  • Strong support is present at $2493.
  • Strong resistance is present at $2550.

The Maker price analysis reveals MKR/USD is in bullish momentum. The price spiked quite high at the start of the trading session, but bearish hindrance halted further upside. The bullish momentum has helped the cryptocurrency in gaining significant value, as the price has been rescued from sinking further down. Resistance for MKR/USD is present at $2550; in contrast, support is present at $2493. However, the upwards price function has been challenged by the bears as a substantial decrease in price has been observed during the earlier four hours, but bulls are again progressing as the price function is headed upwards again.

MKR/USD 1-day price chart: Bulls on the go

The 1-day price chart for Maker price analysis shows an increase in price. The MKR/USD is trading hands at $2501 at the time of writing. The crypto pair is still in loss of value up to 2.08 percent over the last 24 hours but reports an increase in value of 1.10 percent over the past week. The trading volume has increased by only 1.50 percent, and the market cap has decreased by 3.38 percent resulting in the market dominance of 0.11 percent.

Maker price analysis: MKR declines at $2550, recovers back to $2501 1
MKR/USD 1-day price chart. Source: Tradingview

The volatility for MKR/USD is high, as the Bollinger bands are expanded and cover more area, with the upper limit of the Bollinger bands present at the $2731 mark representing resistance, and the lower band is present at the $2192 mark. The mean average forming at $2461 represents the support for MKR/USD.

The relative strength index (RSI) is trading in the lower half of the neutral zone at index 46, but the slope is still downwards. The indicator still shows bearish dominance.

Maker price analysis: Recent developments and further technical indications

The 4-hour Maker price analysis shows bears have countered the bullish momentum during the last few hours as they caused quite a damage to the price value, after the price spiked high during the starting hours of today’s trading session, as a sudden decline in price has been observed after that. However, in the last four hours, bulls have made a comeback, and the price is increasing again.

Maker price analysis: MKR declines at $2550, recovers back to $2501 2
MKR/USD 4-hour price chart. Source: Tradingview

The volatility is high, and further increases on the 4-hour chart as the Bollinger bands are expanding. The upper band is at $2812, and the lower band is at the $2448 mark representing support, making an average of $2630 mark. The average of the Bollinger bands is above the price level, indicating resistance for the MKR/USD pair. The RSI is at index 39 in the neutral zone on an upwards movement, hinting at the buying activity overtaking the market again.

Maker price analysis: Conclusion

The Maker price analysis shows the coin rallied high at the start but is spiraled down even below yesterdays price cap, but the recent appearance of bullish elements is hopeful for the cryptocurrency as signs of little more improvement in price is expected today.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

Related News

Hot Stories

Bitcoin price analysis: BTC retests $31,000, another drop incoming?
Terra price analysis: LUNA exhibits extreme bearish signs at $0.00028400
Terra validator wants old chain shut down
Luna Foundation Guard reveals its $3 billion reserve is down to $87 million
Binance denies financing Terra and points to a $3 million investment in 2018

Follow Us

Industry News

Luna Foundation Guard reveals its $3 billion reserve is down to $87 million
RBI, the Indian central bank, worries crypto could trigger dollarization of the economy
Grayscale Investments set to expand ETF offering in Europe
Terra validator wants old chain shut down
South Korean government pushes for a faster approach to crypto regulation amid LUNA token crisis