Maker is currently in a downward range after rejecting a key level two weeks ago. However, it appeared to have found temporal support and is now gaining traction following a small increase since yesterday.
After dropping for almost three months, Maker reached an exhaustion selling point and bounced briefly above $2,500. A rejection occurred and the price rolled back to where it bounced off at $2,000 last month.
It reestablished support earlier this month and started to pick up again. After a week of consistent increase, the price broke through a monthly high to mark a new one at the $3,120 level but it later lost grip.
The price dropped and remained weak over the past few days, but MKR appeared to have found temporal support at the $2,557 level yesterday. It has increased nicely since then and now looks strong on the day.
Currently, the general market outlook remains bearish on a daily scale. If this new support stands firmly, a significant close above the previous daily candle could activate bigger gains in the next few days.
The important level to watch for a breakup lies at the newly mentioned monthly high before confirming a shift in the market structure from a short-term.
Maker’s Key Levels To Watch
Source: Tradingview
Towards the upside, MKR will likely face resistance at $2,800 before tapping $2,930. The $3,120 level is the next resistance to keep in mind for a breakup, followed by a test at $3,330.
Losing the current holding support could slide the price to $2,355 in no time. Other potential support levels to watch are $2,200 and $2,000.
Key Resistance Levels: $2,930, $3,120, $3,330
Key Support Levels: $2,557, $2,355, $2,000
- Spot Price: $2,678
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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