MKR/USD Settles Below $1800; Price Crashes Hard – Cryptovibes.com – Daily Cryptocurrency and FX News
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Maker Price Analysis – January 26
Since the past few days, MKR/USD swings in the strong selling zone and has no grounded support from the short-term moving averages.
MKR/USD Market
Key Levels:
Resistance levels: $2000, $2100, $2200
Support levels: $1500, $1400, $1300
Since the beginning of last month, most of the major coins of the crypto market have been recording losses for quite some time now. Similarly, the MKR/USD price is crashing down even harder below the 9-day and 21-day moving averages as it currently trades at $1739. The price trend of MKR coin is having more inversely trading red candles leading to loss-making investments.
Maker Price Analysis: Maker (MKR) Ready to Drop More
According to the daily chart, the Maker price has been following the downward movement. However, MKR/USD has not been above to hold the volatility; the downtrend is now leading the coin to trade at $1739.33, recording a loss of 3.86% from the daily high of $1879.
Meanwhile, if MKR/USD drops below the current price, it could slump to the support levels of $1500, $1400, and $1300, bringing the price to a new monthly low. Moreover, a strong buying pressure may push the price to the resistance levels of $2000, $2100, and $2200. The technical indicator Relative Strength Index (14) is likely to cross into the oversold region, suggesting more bearish signals for the market.
MKR/BTC Market: Price May Still Break Lower
When compares with Bitcoin, the Maker price has been following the sideways movement since last month. However, as the price falls, sellers may continue to pose an additional threat for buyers to reach the support level of 4600 SAT where the nearest target is located. However, an eventual break below the lower boundary of the channel may cause the coin to collapse more.
However, for the upside, the coin is likely to cross above the 9-day and 21-day moving averages to hit the resistance level of 5100 SAT and above, but a negative spike could test the support level of 4500 SAT and below. Meanwhile, the technical indicator Relative Strength index (14) is moving towards 40-level, crossing below it may increase the bearish signals in the market.
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