Price action in the MKR daily market started trending slightly downward after breaking into price regions above the $1,406 mark. Subsequently, price action trickled down towards the $1,256 mark. Nevertheless, today’s trading session brought a moderate upside correction to the market.
Key Maker Statistics:
Current MKR Value: $1,355
MKR Market Cap: $1,249,500,580
Circulating Supply of Maker: 977,631
Total Supply of MKR: 977,631
Maker CoinMarketCap Ranking: 48
Key Price Levels:
Resistance: $1,355, $1,400, and $1,450
Support: $1,300, $1,250, and $1,200
Maker Seems Set to Retrace the $1,400 Resistance Level
In the MKR daily market, the ongoing session witnessed some moderate buying. Consequently, this caused price movements to retrace the middle limit of the applied Bollinger Bands indicator. However, this occurred as price action tested the support formed by the 38.20 Fibonacci Retracement level.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator lines started pointing out that downward forces are weakening, considering the shortening of the MACD bars and their pale red color. By implication, this signals that prices may rise towards more elevated levels in the coming session.
MKR Stays Largely Positive
Even in the Maker 4-hour market, upside forces remain largely favored, considering the market sentiment depicted by trading indicators. Here, this token now trades outside the uppermost limit of the Bollinger Bands indicator. Although a minor downward correction has occurred, price action remains outside the Bollinger Bands.
Likewise, the MACD indicator lines are still rising upwards above the 0.00 level of the indicator. Additionally, the bars of the indicator indicate that bullish conviction is still strong in this market. Therefore, this suggests that the minimal downward correction isn’t likely to progress, giving upside forces the upper hand to continue the upside correction towards the $1,450 mark.
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