During the current meltdown, MKR advanced retracement and continued showing strength. It appeared very strong today but is now facing resistance. A rejection there could trigger a fresh selling phase.
The general market outlook remains bearish in the mid-term, but MKR is currently under a retracement as it posted a substantial gain in the past hours. This retracement came after testing $778 in the early month crash.
It is looking for a key retest level to initiate another drop. As we can see, the price is currently facing resistance. A notable surge above the current trading level could bring the price above the $1,200 level.
Failure to push higher could end the retracement phase. Such a setup could trigger a fresh drop for another lower-low movement. A stronghold above the monthly low could bring back buying pressure.
While this week’s surge is characterized by a strong bullish candle, we can expect a major recovery before resuming a bearish impulsive move. As the demand for MKR increases, we can expect more surges until the price reaches an exhaustion point. While the bears are taking a break, it leads the top gainers chart today with an 11% surge in the last 24 hours.
Maker’s Key Levels To Watch
Source: Tradingview
Pushing above the current trading level, the close resistance for a test is $1,275. The higher level to watch for a retracement is $1,477, followed by the $1,636 level. A continuous push could lead to a trend reversal.
The latest surge is currently supported by $980. If the bears show up again with a drop below this price level, the market may roll back to $875 and $778. A dip below it will confirm the expansion of the bearish move.
Key Resistance Levels: $1,275, $1,477, $1,636
Key Support Levels: $980, $875, $778
- Spot Price: $1,120
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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