Maker DAO Shows Bullish Sentiment After A While, Eyes $800?

  • MKR trades under 50 and 200 EMA in the daily timeframe. 
  • The price of the falling wedge is broken with an eye on $800, which will be the resistance key.
  • Both low- and high-frequency time frames show strong price trends.

Recently, Maker DAO (MKR’s) price suffered from a fall in the price of tether USDT. Maker DAO (MKR), a key player in crypto, has had a difficult time replicating its high of $8,000. (Data from Binance).

Weekly Chart: Price Analysis for Maker DAO (MKR). 

MKR’s price has experienced a remarkable run. It moved from $750 to $8,000 within weeks. This created a feeling of surrealism among traders and other major crypto-players.

Despite such a run, the bear market has had an impact on MKR’s price, which has fallen from $8,000 to $600, a drop of more than 70% from its all-time high.

MKR’s price rose from a weekly low at $600 to an all-time high of $11,100, but failed to surpass that level and fell to $650.

MKR’s price must break and close above $1,100 in order to have a better chance of trading higher. MKR is trading below $1,100 and has formed a negative trend. If the support area at $1,100 is flipped into support it will signify a stronger rebound in MKR.

MKR’s price may not break this resistance zone. If it does, MKR could retest $600 support to increase buy orders.

Weekly resistance for the price of MKR – $1,100

Weekly support for the price of MKR – $650.

MKR Prices on the Daily (1D). Chart

MKRUSDT Daily Price Chart | Source: MKRUSDT On

MKR prices are looking promising as they broke out of the falling wedge. This indicates that prices have moved from being in a downward trend to becoming more upbeat. We could witness them test their $800 daily resistance with this amount of MKR price volume.

MKR trades at $681 on the 1D timeline, which is lower than the 50 and 200 Exponential moving averages (EMA), both of which serve as resistance. These prices represent the resistance levels of the 50 EMAs and the 200 EMAs, and are $790 and $1200 respectively.

MKR’s price must flip from $1,000 support to resistance to indicate a relief bounce. MKR is trading at an all-time low.

Relative Strength Index, (RSI) MKR for the daily chart is over 40. This indicates that there has been low order volume. 

Daily resistance for the MKR price – $800.

Daily support for the MKR price – $600.

Featured Image from Tradingview, Market Periodical, Charts 

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