The MKR technical analysis displays a bullish failure to cross the $1000 mark leading to a reversal, now struggling at the 100 DEMA to find support.

The MKR price action displays a phenomenal bullish recovery of 68% between 21st September and 28th October to reach the $1000 mark. However, the increased supply inflow at the psychological mark led to a bearish reversal within the evening star pattern. Currently, the price action struggles to find support at the 100-Day EMA to avoid further correction.
<h3>Key Points:</h3>
<ul>
 	<li style="font-weight: 400">A drop below 100 DEMA will propel the Maker market price to the $800 mark.</li>
 	<li style="font-weight: 400">The market price struggles to sustain above the $900 mark. </li>
 	<li style="font-weight: 400">The intraday trading volume in Maker is $886 Million.</li>
</ul>
<img class="alignnone" src="https://s3.tradingview.com/snapshots/b/bZzoKNhb.png" alt="MKR Price Chart" width="2047" height="1006" />

Source-<a href="https://www.tradingview.com/x/bZzoKNhb/">Tradingview</a>
<h2>MKR Technical Analysis</h2>
The MKR price action gives a bullish breakout of a long-coming resistance trendline as it reverses from the bottom support level of $590. The breakout rally accounts for a 60% price within the month to reach the $1000 mark. 

The increased supply inflow at the psychological market led to a bearish reversal with an evening star pattern with long wick formation. Additionally,  the spike in the intraday trading volume supports the bearish reversal increasing the possibility of a down current to the next support level. 

Currently, the price action takes support at the 100-day EMA close to the psychological mark of $900. Thus, a daily candle closing below the EMA floor will intensify the selling pressure and plunge the prices 10% down close to the $800 mark.

Conversely, if the market sentiment improves, a bullish reversal from the 100 DEMA will offset the bearish thesis. This development could push prices 25% higher to hit the 200 DEMA at $1160.
<h2>Technical Indicator</h2>
The RSI indicator shows a fall from the oversold zone to cross under the 14-day SMA, reflecting a short breather. Moreover, the declining gap between the MACD and signal lines teases a bearish crossover. 

Therefore, the MKR technical analysis suggests that traders should wait for a selling opportunity as the technical indicators reflect a surge in selling pressure. 

Resistance levels- $1000 and $1160

Support levels-  $900, $800

MKR Technical Analysis: Under $1000, Maker Price Hinges At 100 DEMA

The MKR technical analysis displays a bullish failure to cross the $1000 mark leading to a reversal, now struggling at the 100 DEMA to find support.

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: Under $1000, Maker Price Hinges At 100 DEMA

Top Picks