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MKRUSD retest $1155 level
MKRUSD Price Analysis – 25 November
When the buyers increase their momentum, the price may increase to $658, $723, and $783 resistance levels. An increase in sellers’ momentum may decrease MKR (Maker) to $591, $548, and $480 support levels.
MKR/USD Market
Key levels:
Resistance levels: $658, $723, $783
Support levels: $591, $548, $480
MKRUSD Long-term trend: Bearish
MKRUSD is bearish on the long-term outlook. Buyers successfully pushed the price to the high of $1155 on October 19. An inverted pin bar formed at the resistance level mentioned indicates that the bulls’ momentum is exhausted. Bears took over the market and the price declined to the $658 level on 09 November. It pulled back to retest the resistance level of $826. Bearish movement is restored and the price is declining toward the previous low level.
The trading of Maker (MKR) below the 9-periods EMA and the 21-period EMA may continue as sellers are maintaining their position by placing the coin below the two dynamic resistance levels. When the buyers increase their momentum, the price may increase to $658, $723, and $783 resistance levels. An increase in sellers’ momentum may decrease MKR (Maker) to $591, $548, and $480 support levels. The relative strength index period 14 is at 38 levels and the signal lines pointing downside indicate a sell signal.
MKRUSD medium-term Trend: Bearish
MKRUSD is bearish on the medium-term outlook. Sellers were ruling the world of Marker for many weeks. The price retraced to $879 from $658 but could not continue the bullish movement. The price declined and broke down the support levels of $723, and $658. It is currently decreasing toward the $591 support level.
The coin is trading below the 21-period EMA and 9-periods EMA at a close distance which indicates that the Bears are in control of the MKR market. The relative strength index period 14 is at 41 levels and the signal lines point down to indicate a sell signal. Marker is under seller’s pressure, buyers are exerting pressure on Dash 2 Trade and IMPT coins.
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