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Maker (MKRUSD) Price Carries Out Retracement at $698 Level

Maker (MKRUSD) Price Carries Out Retracement at $698 Level
Maker (MKRUSD) Price Carries Out Retracement at $698 Level

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Further increase in Maker envisaged

MKRUSD Price Analysis – September 28

Further increase in Maker (MKR) price is possible only when the Bulls increase their momentum, the resistance level of $698 may be broken upside, then, the price may increase to encounter barriers at $783 and $826 resistance level.

MKR/USD Market

Key levels:

Resistance levels: $698, $783, $826

Support levels: $658, $635, $591

 

MKRUSD Long-term trend: Bullish

On the long-term outlook, MKRUSD is bullish. The coin fell from the high of $826 and the price action of the MKRUSD tested the support level of $591 on September 21. The sellers’ momentum failed and could not penetrate the just mentioned level. A bullish engulfing candle emerged which brought about the increase of Maker (MKR) price to the resistance level of $783. Further price increase is possible after the pullback that is ongoing when daily bullish candle emerges.

The Bulls have pushed the price above the two EMAs. The trading of Maker (MKR) may continue above 21 periods EMA and the 9 periods EMA. Further increase in MKR (Maker) price is possible only when the Bulls increase their momentum, the resistance level of $698 may be broken upside, then, the price may increase to encounter barriers at $783 and $826 resistance level. Meanwhile, the relative strength index period 14 is at 46 levels and the signal lines pointing downside to indicate a decrease in Maker price.

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 MKRUSD medium-term Trend: Bullish

MKRUSD is bullish on the medium-term outlook. The coin tested the resistance level at $783 on September 27. The price pulled back and it is retesting the support level at $698 on September 28. Formation of inside bar candle pattern at the $591 level triggers the increase in price above the dynamic resistance level and it reaches $783 level.

The currency is trading above the 21 periods EMA and 9 periods EMA to indicate that the Bulls are taking over the MKR market. The relative strength index period 14 is above 40 levels and the signal lines pointing down to indicate sell signal.

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