Maker (MKR) Rebounds Off Resistance at the $1,861 Mark

Price action in the Maker daily market has revealed that today’s trading activity brought significant profits for long traders. However, the session seems to indicate that price action may have encountered strong resistance. Let’s examine the chances of price action resuming the upside retracement.

Maker Statistics:
Current MKR Value: $1,830
Maker Market Cap: $1,673,019,535
MKR Circulating Supply: 920,036
MKR Total Supply: 977,631
Maker CoinMarketCap Ranking: 47

Key Price Levels:
Resistance: $1,830, $1,900, and $1,9100
Support: $1,800, $1,700, and $1,600

Maker May Advance Through the Resistance at the $1,861 Mark

Initially, MKR price action seems to have encountered strong resistance at the $1,861 price mark. However, technical indicators still suggest that the upside correction may extend beyond the resistance encountered. This opinion is drawn from the fact that the last Moving Average Convergence Divergence (MACD) indicator bar is still solid green.

Simultaneously, the lines of this indicator maintain an upward trajectory above both the 103 and 78 marks. Additionally, trading activities in this daily market have been occurring beyond the Bollinger Bands mid-line, indicating that upside traction may be easily gained as traders gain more buying confidence.

MKR Tailwind Persists as Price Action Bounces Off Resistance

The Maker 4-hour market reveals that traders in this market have been accumulating gains from the $1,700 price mark to this point. Tentatively, it appears that this spanned over four trading sessions. Despite the downward correction in the ongoing session, buyers still retain a significant portion of the gathered profit.

Likewise, an upside crossover has occurred in the MACD indicator above the equilibrium level. The trajectory of the ensuing indicator lines suggests that bullish momentum may continue in this market, potentially propelling it through the $1,861 mark toward the $1,900 mark.

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