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As of the time of writing, the Maker market has seen an some more price increment. Price action has only moved upwards by 2.03%. Meanwhile, it can be seen that the noticed upside correction has happened above an important landmark. As a result, price action may gain more bullish impetus.
Key Price Levels:
Resistance: $3,000, $3,500, and $4,000
Support: $2,500, $2,000, and $1,500.
Maker Makes a U-turn Above the 50 Fibonacci Retracement Level
Previously, price action in the MKR daily market had trended steadily towards the 50% Fibonacci Retracement level. However, about two sessions ago, the market rebounded upwards while above the 200-day Exponential Moving Average (EMA) curve.
Today’s trading activity has started testing the 50-day EMA line. Meanwhile, the Moving Average Convergence Divergence (MACD) line can be seen converging below the equilibrium level. Nevertheless, it should be noted that a crossover hasn’t been achieved on the MACD, which would have heightened further bullish expectations in the market.
Tailwinds Maintain an Optimistic Outlook Against Headwinds in the MKR Market
In the Maker 4-hour market, it can be seen that price action has steadily broken the psychological price level at the $2,500 mark. The last price candle standing above the mentioned psychological price level possesses a shadow above it as it tries to surpass the 100-day EMA. It should be noted that price action has risen past the 20 and 50-day EMA lines, which now appear to be converging below price action.
Also, the MACD indicator can be seen rising above the equilibrium level, with its bars now solid green. Consequently, this seems to indicate that upside forces are likely to shake off the rejection and approach the $3,000 price level. This suggests that traders can still make use of crypto signals with targets at the mentioned price level.
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