TL;DR Breakdown
- Maker price analysis is bearish today.
- MKR/USD set new high at $3539.
- Selling pressure slowly returns.
Maker price analysis is bearish for the rest of today as retracement will likely follow after a massive spike higher over the last 24 hours. Therefore, we expect MKR/USD to see selling pressure return and retrace some of the gains.
The overall market traded with mixed results over the last 24 hours. Bitcoin declined by 2.11 percent, while Ethereum gained 0.92 percent. Meanwhile, Maker (MKR) is the top performer, with a gain of over 30 percent.
Maker price movement in the last 24 hours: Maker continues higher, peaks at $3,539
MKR/USD traded in a range of $2,599.76 – $3,539, indicating strong volatility over the last 24 hours. Trading volume has spiked by 389 percent and totals $720 million, while the total market cap trades around $3.39 billion, ranking the coin in 51st place overall.
MKR/USD 4-hour chart: MKR rejects further upside for now?
On the 4-hour chart, we can see Maker price action retracing after further highs set over the past hours.
Maker price action saw calm sideways price action during most of October. Resistance at $2,700 was tested several times, with a middle-of-the-range area at $2,500.
Bearish momentum slowly took over by the end of October, leading to lower lows set until the $2,200 support. From there, another lower high was set, indicating further upside would follow.
However, at the end of October, the Maker price action could not retrace past $2,340, resulting in a higher high set. On the 1st of November, an initial push higher was made, peaking at $2,542.
After a small downside test, a substantial spike higher began, breaking through the $2,700 resistance. Further upside for MKR/USD followed, resulting in a gain of over 50 percent.
Maker Price Analysis: Conclusion
Maker price analysis is bearish as a retracement will likely follow after a strong move higher today. Likely bullish momentum is exhausted, leading MKR/USD into a retracement later today.
While waiting for Maker to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.
