MKR/USD Poised for More Downtrends below $2000 – Cryptovibes.com – Daily Cryptocurrency and FX News
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Maker Price Analysis – March 7
The Maker price prediction is likely to record more downtrends after retreating from the daily high of $1815.
MKR/USD Market
Key Levels:
Resistance levels: $2000, $2100, $2200
Support levels: $1500, $1400, $1300
MKR/USD retreats after touching the daily high of $1815 level as the coin drops and could fall towards the lower boundary of the channel. The Maker price remains below the 9-day and 21-day moving averages. The technical indicator Relative Strength Index (14) indicates increasing bearish momentum as the signal line moves around 40-level, indicating that the market sentiment may continue to be bearish or follow a sideways movement.
Maker Price Analysis: Would MKR Move to the Upside?
The Maker price keeps changing below 9-day and 21-day moving averages where it faces down. However, if the Maker price rises and break above the upper boundary of the channel, the coin may begin a new upward movement to retest the previous high. The nearest resistance levels that it might reach are $2000, $2100, and $2200 while the support levels lie at $1500, $1400, and $1300 respectively giving a low trading volume.
MKR/BTC Market: Price Remains at the Downside
When compared with Bitcoin, the Maker price has not been able to cross above the 9-day and 21-day moving averages. However, if the Maker price remains within the downside, the next support level may surface at 4200 SAT and then locate further key support at 4000 SAT and below if the sell-off later becomes huge.
However, on the upside, if the bulls can regroup and push the price above the moving averages, the MKR price could face the 4800 SAT resistance. Any further resistance lies at 5000 SAT and above while the technical indicator moves toward 50-level and crossing above this level may bring more bullish pressure into the market.
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