Maker (MKR) Rebounds Downward After Testing the Resistance at the $1,656 Mark

During today’s trading activities, Maker broke through the $1,600 resistance level. However, this prompted some downward corrections, following the price surge. Meanwhile, trading indicators still offer upside hopes that may encourage traders to maintain their bullish positions.

Key Maker Statistics:
Current MKR value: $1,594
MKR Market Cap: $1,460,580,116
Maker Circulating Supply: 919,352
Maker Total Supply: 977,631
MKR CoinMarketCap Ranking: 55

Key Price Levels:
Resistance: $1,594, $1,600, and $1,700
Support: $1,500, $1,400, and $1,300

Maker Corrects Downwards By Nearly 50%

Buyers in the MKR daily market have had an impressive run, with the token trading above the $1,600 price level. However, this seems to have caused the market to face headwinds, resulting in a price decline of about 50% at the time of writing. Despite this, applied technical indicators still have a positive outlook on further price increases as trading activities continue.

Buying and selling are still occurring above the uppermost limit of the Bollinger Bands indicator, and the last price candle retains a green color. Similarly, the Moving Average Convergence Divergence (MACD) indicator lines continue to have an upward trajectory, with bars progressively taller above the equilibrium level. This suggests that, despite the observed downward correction, bulls still have a favorable stance in this market.

MKR Buyers Are Making Efforts to Continue the Upside Retracement

As earlier observed in the Maker daily market, the 4-hour market for this token has revealed more about trading activities. Over the past three sessions, there has been a moderate downward correction, as indicated by the recent candle on this chart. The current session, however, shows that price action is attempting to halt further downward corrections, with a green price candle appearing on the chart.

Trading continues above the middle band of the Bollinger Bands indicator. Meanwhile, the MACD indicator bars indicate that upward forces are somewhat weak, mainly due to previous losses. However, the lines of the same indicator maintain an upward trajectory. Consequently, traders may want to hold on to the hope that prices may revisit the $1,650 price level.

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