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Maker price analysis: MKR faces trouble in maintaining above $2000, as bears hinder upward price movement

Maker price analysis MKR faces trouble in maintaining above as bears hinder upward price movement

TL;DR Breakdown

  • Maker price analysis is bearish.
  • Resistance for MKR is present at $2042.
  • Support for the coin is present at $1988.

The Maker price analysis reveals the coin is getting mixed market sentiment. The coin’s price breakout was upwards at the start of the trading session, but the gains were nominal, and the slightly positive sentiment soon turned negative from the market. As the selling pressure is again there, the MKR price function has been headed downwards for the last eight hours now. But on the other hand, the deficit is neither impactful, which leaves us at a point where we can assume that the major trend yet has to be defined, as the price oscillation is quite slow in either direction. After the slight retracement, the price has decreased to $2007, and the next support is present at $1988 support handle.

MKR/USD 1-day price chart: bears are struggling to sideline bulls completely

The 1-day price chart for Maker price analysis shows the bears have hindered the upwards price movement and decreased the price up to $2007. As the bearish pressure is comparatively high, bulls are unable to move any further in their endeavor. Currently, the coin is trading at $2007 at the time of writing, still reporting a loss of around one percent during the last 24 hours and a two percent loss over the past week, which proves bearish supremacy in price trends. Along with the price, the trading volume has also slightly decreased today by 2.46 percent.

Maker price analysis: MKR faces trouble in maintaining above $2000, as bears hinder upward price movement 1
MKR/USD 1-day price chart. Source: TradingView

The volatility is high, with the upper limit of the Bollinger bands at $2161 representing resistance and the lower limit at $1643 representing support for MKR/USD. The mean average of the Bollinger bands is forming at $1902 below the price level.

The RSI is trading at an almost horizontal trend, hinting at a lack of momentum, but the inclination is slightly downwards, hinting at the bearish pressure. The indicator is trading at index 54 in the upper half of the neutral zone.

Maker price analysis: Recent developments and further technical indications

The 4-hour price chart for Maker price analysis shows the price breakup was upwards today, and the bulls uplifted the price slowly during the first four hours. But the price function came under bearish pressure after that bears have almost sidelined the bulls and may completely outplay them if no support arises for the bulls. The price may also step below the psychological mark of $2000 if the selling pressure persists.

Maker price analysis: MKR faces trouble in maintaining above $2000, as bears hinder upward price movement 2
MKR/USD 4-hours price chart. Source: TradingView

The volatility is mild on the 4-hour chart, as the Bollinger bands are forming a channel, hinting at the volatility to be the same in the coming hours. The upper band is standing at the $2050 level, and the lower band is at the $1965 mark representing support for the coin. The average line of the indicator at $2008 represents resistance for the cryptocurrency. The RSI is trading on the same pattern as in the 1-day chart but in the lower half of the neutral zone at index 48. However, the moving average (MA) is trading at the $2014 level above the SMA 50 curve, which is a hopeful sign.

Maker price analysis conclusion

The Maker price analysis shows the cryptocurrency is hardly maintaining its price level above the $2000 psychological mark, and there are imminent chances for the bears to take the price down as has been observed, the price action has been downwards for the last four hours as well. The market pressure is high, and if it continues, the MKR/USD may close in red today. On the other hand, if support appears from the bullish side, the trend can turn bullish as well as the major trend has yet to be defined.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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