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The Maker daily market has continued to see moderate gains for the third consecutive session. This is happening even as Bitcoin has crashed heavily and seems trapped below the $62,000 mark. The MKR token, however, has continued its impressive performance in today’s trading activity, and it appears the momentum may extend.
Key Price Levels:
Resistance: $3,000, $4,000, and $5,000
Support: $2,500, $2,000, and $1,500
MKR Price Action May Crack the Resistance at the Fibonacci Retracement Level 50
The recorded price increase in the Maker daily market has brought its price action to challenge the resistance at the Fibonacci Retracement Level 50. One may assume that a downward correction may result form here, but other indications from used technical indicators support a continued rise through that resistance level.
The ongoing session posts some healthy bullish movement, as the coin now trades above most of the Exponential Moving Average (EMA) curves. Meanwhile, the Moving Average Convergence Divergence (MACD) lines are still trending upwards below the centerline, while its bars are green. Technically, this supports the opinion that the market may move higher.
Maker Eyes the $2,600 Mark
In the 4-hour MKR market, one can see that price activity recently crossed above the 200-day EMA line. Also, the ongoing session stays solid green. Consequently, this brings the technical price level of $2,600 into focus. Meanwhile, the MACD lines have risen past the equilibrium level and still maintain a northward trajectory.
The bars of the indicator stay solid green while appearing above the equilibrium level. All these signs indicate that upside forces in the market are strong and can propel the market further. At this point, traders can still use crypto signals targeting price levels such as $2,700 and $2,800.
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