MAKER was trading at $1,054 at the time of writing, indicating an 83% gain from its most recent local low of $581.
indicating an 83% gain from its most recent local low of $581.
There has been an excellent bullish performance over the previous four weeks. Nonetheless, the bullish momentum in MKR was ready to be interrupted, so investors should be on the lookout for incoming sell pressure.
On the short time frame chart, MAKER price is rejected by the top of the falling channel line. According to long term chart analysis, the price has been trading in the rising channel line since September 19th, and the coin is trading within the channel. The price retested the upper channel line and reversed from there as bears grabbed control, expecting to test the channel's lower level.
The currency is trading below the 21 period EMA and 9 period EMA, indicating that the bears are in charge of the MKR market. The relative strength index is 42.63, and the signal lines are pointing down, indicating a sell signal.
On the hourly chart, Maker coin is trading below 20,50 and 100 day EMA as we see 100 day EMA is seen at $1000 indicating support level. The 100 day EMA is seen at $1075 indicating strong resistance.
According to Price Analysis, the market capitalization of this MKR is expected to be $1,027,628,304. The coin's 24-hour trading volume is roughly $61,220,322. The market capitalization of MKR has fallen by 2.61%. However, trading volume decreased by 28.03% during intraday trading. The market capitalization to volume ratio is 0.1356.
On the upside, the price is coming up against resistance around $1060. The first significant big obstacle is at $1070. A strong break over $1070 might signal the start of a strong rally towards $1100. Any more gains might open the door for a move towards the $1150-$1200 resistance area.
If the maker fails to break through the $1060 level, it may enter a fresh downtrend. On the downside, an initial support level of $1030 has been formed. The next significant support level is around $1000. If the price goes below $10030, it may approach the $950 support level. Any more losses may accelerate selling, and the price may go below 900, maybe as low as $890.
KEY LEVELS :
RESISTANCE LEVEL : $1080-$1120
SUPPORT LEVEL : $1030-$1000
On the hourly chart, the Maker price has been trading in a falling channel line since October 19th. On the long term daily chart, the price is trading within the rising channel pattern. Will MAKER reach $1000 or $1100 in the next several days? Could you please remark on the above statement?
