Daily Price Prediction for 16th of October: Maker (MKR/USD) Continues Above the $1000 Price Level

The Maker market recovered from the oversold zone on the 21st of September. This recovery at the support level of $588.5 became the basis for the bullish trend. Sellers grew stronger at some point, but they were only able to make the market price range sideways for a short while before the bullish trend continues.

 Maker Market Price Statistic:

• MKR/USD price now: $1034
• MKR/USD market cap: $1,032,195,404
• MKR/USD circulating supply: 977,631.04 
• MKR/USD total supply: 977,631
• MKR/USD coin market ranking: #48

Key Levels

• Resistance: $ 1100, $1150, $1200  
•  Support: $950, $900, $850

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Maker Market Price Analysis: The Indicators’ Point of View

 The market took a decisive launch from the base of the lower band of the Bollinger indicator on the 22nd of September. And it has continued since then. On the 9th of October, the bulls became so active that they drove the price upward to the height of $1161 from $878. The strong bullish move triggered strong bearish activities that paused the upside advancement of the price on the 10th of October. Bears took the opportunity of the price retracement on the 9th. But because the bulls were so strong bearish advancement could not go any further than $916.7 this became the basis for the continuation of the trend. The price pullback that appeared on the chart from the 12th to the 14th of October is just a price correction from the overbought territory as we see in the RSI indicator.

 MKR/USD 4-Hour Chart Outlook 

The RSI indicator here shows the price actions moving within the confines of the bullish zone. But now the RSI line is at the threshold of the overbought region. Looking at the bullish strength, there is the possibility that the trend may be slowing down. The volume of trade even in this timeframe is very high. There is massive buying in the market. If the price did not slow down at the current price, the price may soon reach the $1100 resistance level.