Maker Price Prediction for Today, 08 November: MKR Trends Lower

Updated: 08 November 2022

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Maker retests $780 price level

MKRUSD Price Analysis – 08 November

Further decrease in sellers’ momentum may decrease MKR (Maker) to $780, $698, and $658 support levels. When the buyers increase their momentum, the price may increase to $826, $880, and $930 resistance levels.

MKR/USD Market

Key levels:

Resistance levels: $826, $880, $930

Support levels: $780, $698, $658

MKRUSD Long-term trend: Bearish

Maker is bearish on the long-term outlook. There is a formation of the bullish engulfing candle at $591 price level on 22 September. This candle pattern indicates an influx of buyers into the market. The price increased accordingly and the resistance level of $1155 was tested. Another candle pattern called an Inverted pin bar formed, which is a bearish signal. The price declines, and the support levels of $880 and $826 was penetrated downside. The maker is trying to break down $780 price level.

Sellers are maintaining their position by placing the coin below the two dynamic resistance levels. The trading of Maker (MKR) below the 9-periods EMA and the 21-period EMA may continue. Further decrease in sellers’ momentum may decrease MKR (Maker) to $780, $698, and $658 support levels. When the buyers increase their momentum, the price may increase to $826, $880, and $930 resistance levels. The relative strength index period 14 is at 35 levels and the signal lines pointing downside indicate a sell signal.

MKRUSD medium-term Trend: Bearish

MKRUSD is bearish on the medium-term outlook. A double Top chat pattern was noticed at the resistance level of $1155 and this may be the causative agent of bearish movement in the Maker market. The crypto bounced off from the resistance $1155 level. The sellers’ pressure breaks down support levels at $977, $865, and $826 level.

The coin is trading below the 21 periods EMA and 9 periods EMA at a distance which indicates that the Bears are in control of the MKR market. The relative strength index period 14 is at 27 levels and the signal lines point down to indicate a sell signal.

The IMPT Presale Is Ongoing

The IMPT presale continues with a worth of over $12m realized within a few weeks. The Impact Project is focused around changing the way that carbon credits are managed. It acts as an intermediary between the ESG industry and the crypto world.