Analysis

Maker Price Analysis: MKR/USD Reclaims $1500 Resistance; Can Price Break Above?

Maker Price Analysis – May 14

The Maker price is moving with an uptrend and the traders could expect an early arrival of a price rally

MKR/USD Market

Key Levels:

Resistance levels: $2000, $2200, $2400

Support levels: $950, $750, $550

MKRUSD – Daily Chart

MKR/USD is currently dealing with the bears as the coin increases increase despite the pressure of the market. The crypto market is currently struggling with volatility and the market will likely come out in the same way soon. The period after this one should be flourishing

Maker Price Analysis: Would Maker (MKR) see a Further Upside?

At the moment, MKR/USD continues to move above the resistance level of $1500 and it’s possible that the more the support level of $1300 is tested, the more it’s likely to break to the upside. If the Maker price continues to abuse this level, the traders can expect the price to break beneath it at some point and the critical support levels of $950, $750, and $550 may be tested.

However, the price touches the daily high of $1525 with the weak bullish momentum supported by the slightly positive technical levels. Therefore, if the market price pushes the price near the upper boundary of the channel, MKR/USD may hit the resistance levels of $2000, $2200, and $2400 as the Relative Strength Index (14) moves to cross above the 50-level.

MKR/BTC Market: Price Moves in the Same Direction

Against Bitcoin, MKR has been slowly grinding higher. After bottoming out around the 0861 SAT level a couple of days ago, the price began to slowly ascend as it is currently trading around 5139 SAT. The Maker price is now contained within the channel while traders wait for the bulls to hopefully push the market higher as the Relative Strength Index (14) moves to cross into the overbought region.

MKRBTC – Daily Chart

Moreover, if the bulls can break above the upper boundary of the channel, traders can expect initial resistance at 5500 SAT. Above this, higher resistance lies at 6000 SAT and above. From below, if the sellers decide to bring the market towards the 9-day and 21-day moving averages, traders can expect critical support at 4000 SAT and below.

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