Maker Price Analysis – MKR/USD
The 20the largest cryptocurrency, Maker having its market cap stands at the level of $252,694,361, 09:06 UTC on December 09 perforated in current value by 54.32% relative to October 08. The significant fall in current value is due to the competitive forces and the strong bearish pressure.
Let us have a look at the technical picture of the MKR/USD pair as follows:
As we can analyze that the MKR/USD currently traded below EMA representing “Downtrend” in the market. With this, the declining EMA signals a negative sign. The falling 20-day EMA represent the fact that the bears have the upper hand and may likely for some time. Since no bullish patterns that indicate a buy, hence, it is best to remain on the sidelines. With this, traders should wait for the trend to reverse and a bottom to form before initiating any long positions in it.
Let us not forget that the MKR remains in a bearish trend in its medium-term outlook. As the 20-day EMA is slopping down shows that the balance is tilted in favor of sellers.
Those who believe in the story of a crypto world, the current fall offers an excellent opportunity to invest in the long term. Since MKR remained range bound from October 27 to November 12 this year, the cryptocurrency rallied from a low of $625 to a high of $719 which is a 15.04 percent return within fifteen days.
While the MKR stayed in the range of $622–$775 from October 07 to November 14 as interpreted from the above graph, since then the bears broke below the range and experienced continuously downward till date, however, we can say that the bulls succeed in rising and sustaining above the current resistance level and start trading above the EMA, an investor’s sentiment will be likely to buy more of the currency thereby creating the new price range. The next support level can be estimated at $357.
The post Maker (MKR): Price Analysis, Dec. 09 appeared first on CryptoNewsZ.
