MKR
MKR Price Analysis: Bears feast on intraday as MKR continues its slump
•MKR/USD is currently priced at $1,902.45 and has decreased by 1.74% over the past day
•The technical indicators suggest a bearish outlook for the near term
•The trading volumes have decreased by 33.00% over the past day
Short Term View: MKR Coin unable to break free from bears’ clutches
The MKR price today is $1,902.45 USD with a 24-hour trading volume of $58,265,950 USD. MKR Coin is down 1.74% in the last 24 hours. The trading volumes have reduced significantly over the past day, with increased selling activity taking place at the current price levels. The Volume to Market Cap Ratio stands at 0.03133 for the altcoin, which suggests a strong downside momentum in the future.
The strong support level for MKR stands at $1,772.20 and if the price falls below it, the next price target could be at $1600. On the other side, if the price jumps above $2,177.50 it could very quickly reach the resistance level that stands at $2,250. The asset is currently transacting below the short term moving averages (20,50 SMA) on the four-hour chart. This validates the bearish sentiment prevailing in the market and will pose a significant hurdle for the bulls to overcome in their renaissance efforts. MKR Coin is currently trading significantly below it’s all time high of $6,339.02 which it clocked on May 03, 2021.
Long Term View for MKR
The RSI Indicator at 44.01 reflects the MKR slope heading towards the oversold zone in the daily chart as the price succumbs under the selling pressure, with the falling slope of the 14-day SMA breaking the central line. The MACD Indicator, on the other hand, shows the MACD and signal lines falling under the bearish influence. The falling histograms are also shown to have gained trend momentum, indicating a rise in selling pressure.
Conclusion
MKR Coin has a bearish outlook for the near term, with the cryptocurrency continuing to trade below key technical resistance on the daily time frame. Due to the overall bearish trend and the death cross in place on the daily time frame, a downward breakout is currently the preferred scenario.
Support: $1,772.20
Resistance: $2,177.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
