MKR Technical Analysis: Poised to Breakout of Resistance Level of $2,936.10

  July 30, 2021

Maker is a blockchain platform that facilitates the creation of smart contracts that power the MKR token. The MKR token is an unbiased, decentralized, and native token of this ecosystem that facilitates cross-border digital money transactions. It facilitates price stability and financial freedom with minimal price fluctuations. The MKR technical analysis is as follows:

Past Performance

Past performance during last week has been less volatile and showing an incremental trend. On Jul 23, 2021, MKR opened at $2,435.81. On Jul 29, 2021, MKR closed at $2,895.59. Thus, in the past week, the price has increased by roughly 19%. In the last 24 hours, MKR has traded between $2,634.65-$2,934.47.

Ref: snapshots/3/3SCMSXTu

Day-Ahead and Tomorrow

MKR more or less is volatile as the tokens are burnt with each transaction and thus the supply will reduce over a period of time. Currently, MKR is trading at $2,915.10. The price has increased from the day’s opening price of $2,895.59. Thus, the market seems bullish.

The MACD and signal lines are turning positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is turning bullish. Hence, we can expect the price to rise further.

Currently, the RSI indicator is at 56%. It faced rejection at 48% and rose to the current level. Hence, buying pressures are mounting. High buying activity will exert upward pressure on the MKR price.

However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may go up further. In short, all three oscillators have given bullish signals.

MKR Technical Analysis

Currently, the price is above the Fibonacci pivot point of $2,821.57. You can see how the price is moving in favor of the bulls for a week. The price may soon break out of the first Fibonacci pivot resistance level of $2,936.10.

The price has tested and risen above the 23.6% FIB retracement level of $2,869.34. It may further break out of the 23.6% FIB extension level of $3,014.34. As of now, the bulls seem strong. Thus, we can expect the price uptrend to continue tomorrow as well.


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