Maker DAO Shows Bullish Sentiment After A While, Eyes $800?

• MKR trades below 50 and 200 EMA on the daily timeframe. 
• Price breaks out of a falling wedge with eyes set on key resistance of $800.
• The price looks strong on low and high timeframes.

Maker DAO (MKR) price has had a rough time recently as price beaks out of falling wedge on the daily timeframe against tether (USDT). Despite being a major player in the crypto industry, the price of Maker DAO (MKR) has struggled to replicate its run to a high of $8,000. (Data from Binance)

Maker DAO (MKR) Price Analysis On The Weekly Chart 

The price of MKR has had a fantastic run, with such movement from a low of $750 to a high of $8,000 in a matter of weeks, creating a sense of surrealism in the hearts of traders and major crypto players.

Despite such a run, the bear market has had an impact on MKR’s price, which has fallen from $8,000 to $600, a drop of more than 70% from its all-time high.

The price of MKR rallied from its weekly low of $600 to a high of $1,100 before failing to break above that region to higher heights and falling to a low of $650.

MKR’s price must break and close above $1,100 in order to have a better chance of trading higher. The price of MKR has formed a downtrend line, which is acting as resistance; flipping the area of $1,100, which is acting as weekly resistance, into support will signal a more relief bounce for the price of MKR.

If the price of MKR fails to break through this key resistance region, the price of MKR may retest the $600 support and demand zone for more buy orders.

Weekly resistance for the price of MKR – $1,100

Weekly support for the price of MKR – $650.

Price Analysis Of MKR On The Daily (1D) Chart Daily MKR Price Chart | Source: MKRUSDT On Tradingview.com

The daily timeframe for MKR prices looks promising, as prices broke out of a falling wedge, indicating a shift from a downtrend to an uptrend. With this volume from MKR prices, we could see them retest their daily resistance of $800.

On the 1D timeframe, MKR is currently trading at $681, below the 50 and 200 Exponential Moving Averages (EMA), which act as resistance. The resistance levels of the 50 and 200 EMAs are represented by the prices of $790 and $1,200, respectively.

The price of MKR needs to flip the $1,000 resistance into support to signal a relief bounce as the price of MKR has kept trading at its daily low.

The Relative Strength Index (RSI) for MKR is above 40 on the daily chart, indicating low buy order volume. 

Daily resistance for the MKR price – $800.

Daily support for the MKR price – $600.

Featured Image From Market Periodical, Charts From Tradingview

by jamesobande on September 25, 2022 at 12:35AM