MKR coin price shows a sudden jump but struggles to rise above a high selling pressure near $2200. Will the bulls overcome the selling pressure?

Maker (MKR) is the governance token of MakerDAO as well as the Maker Protocol. The decentralized autonomous organization and the software platform both are built upon Ethereum. Ethereum blockchain permits users to manage and issue the stablecoin of DAI.

The Maker tokens are the equivalent of a voting share for the company that runs DAI and, while they don't provide dividends to their owners. However, they grant the holders the right to vote in the advancement of the Maker Protocol and will increase in value according to the performance of DAI itself.

Let us move ahead to <a href="https://www.cryptoknowmics.com/news/thorchain-rune-and-maker-mkr-technical-analysis-prices-pulling-back-from-recent-lows/">read</a> about Maker technical analysis.
<h2>Past Performance of MKR</h2>
The MKR coin price action shows lower price rejection near the horizontal level, slightly below $2000 at $1975. The lower price rejection drives the price close to $2200. However, the short-coming resistance trendline and the $2200 resistance level halt the increasing prices, teasing a reversal shortly.

<img src="https://s3.tradingview.com/snapshots/s/S0evDv6y.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/S0evDv6y/">MKR/USD Daily Chart</a>
<h2>MKR Technical Analysis</h2>
The MKR coin price consolidates between $2000 and $2200 in the daily chart while the price rests near the resistance after the price jump of 10%. Therefore, the recent jump indicates a high possibility of a range breakout. 

Crucial EMAs (50, 100, and 200) trend lower in a bearish alignment that may halt the post-breakout bull run. Therefore, traders need to keep an eye on the prices once they reach near the 50-day EMA.

The RSI indicator at 44% shows a gradual rise in the slope with a higher high formation in the daily chart. Moreover, the recent bullish crossover with the 14-day SMA reflects a rise in buying pressure.

The MACD indicator shows the MACD and signal lines merge in the daily chart, indicating a high possibility of a bullish crossover. Moreover, the rise of bullish histograms reflects a jump in underlying bullishness.

Therefore, the technical analysis shows a rise in bullishness teasing a breakout of the consolidation range. 
<h2>Upcoming Trend</h2>
The rising bullish powers within the consolidation range hints at a jump above the selling pressure at $2200 and the resistance trendline. However, price action confirmation is a must for safe traders.

The price action suggests upcoming resistance levels at $250 and $300 ahead of the consolidation range. And, in case of a bearish reversal, the price can find support at $2000 and $1750.

At press time, the sentiments chart gives a "SELL" signal for the Maker token.

MKR Technical Analysis: Bulls Ride Up Against High Selling Pressure, Will the Buying Pressure Persist?

MKR coin price shows a sudden jump but struggles to rise above a high selling pressure near $2200. Will the bulls overcome the selling pressure?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

MKR Technical Analysis: Bulls Ride Up Against High Selling Pressure, Will the Buying Pressure Persist?

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