MKR Price Analysis: MKR is hinting at bullish reversal with the formation of bullish candles after a period of bearish dominance
- MKR Token Price had formed the reverse cup and handle pattern followed by a bearish reversal
- The coin has taken support at $ 1645 and is looking to reverse the bearish trend
- The coin has been on a descending triangle pattern on the hourly chart, however
MKR Token Price has been on a bearish run after the formation of a reverse cup and handle pattern on the daily chart. The coin formed the cup and handle pattern between November and early this year. The coin used the $ 2185 zone as the base during the formation of the pattern. This zone is now the nearest resistance zone for the coin. The coin has taken support currently at $ 1645 levels and is looking for a trend reversal. The coin has formed a bullish hammer followed by another bullish candle today hinting at a reversal. The average volumes have also picked up with the volumes seeing an abnormal increase over the last week.
MKR Token Price is on a descending triangle pattern on the hourly chart. The coin is using the $ 1645 zone as support and a downward sloping trendline for resistance to form the pattern. The token looks to continue trading in this pattern over the next few trading sessions. However, there are breakout opportunities for the coin at the support as well as the resistance zones over the next few trading sessions. The coin has made a third testing attempt at the resistance trendline going by the chart. The volumes during the last few hours have been declining as can be gauged by the 20-hour volume average on the chart.
The coin is looking at a reversal in trends after being dominated by the bears for a while. The coin started the bearish reversal post the completion of the reverse cup and handle pattern. Traders need to keep an eye on its support zone and resistance zone for any reversals.