- MKR trades below 50 and 200 EMA on daily time frame.
- Price $800 comes out of a collapsible wedge with eyes set on a key stand.
- The price looks strong on lower and higher timeframes.
The price of Maker DAO (MKR) has had a rough time as the price has been falling against Tether (USDT) on a daily basis. Despite being a major player in the crypto industry, the price of Maker DAO (MKR) has struggled to repeat its $8,000 high run. (Data from Binance)
Maker DAO (MKR) price analysis on the weekly chart
The price of MKR has had an amazing run, such a movement from a low of $750 to $8,000 in a matter of weeks, creating a sense of authenticity in the hearts of traders and major crypto players.
Despite such a run, the bear market affected the price of MKR, which fell from $ 8,000 to $ 600, an all-time high of more than 70%.
MKR price rose from the weekly low of $600 to a high of $1,100 before failing to break above that range to a higher high and falling back to $650.
MKR price needs to break and close above $1,100 to get a higher trading opportunity. The price of MKR formed a low line that served as resistance; A reversal of the $1,100 area, which acts as weekly resistance, into support would signal further relief for the MKR price.
If the MKR price fails to break through this key resistance zone, the MKR price may retest the $600 support and interest zone for additional buy orders.
Weekly resistance for MKR price – 1,100 dollars
Weekly support for MKR price – $650.
MKR price analysis on daily (1D) chart
The daily time frame of MKR prices looks promising, as prices have broken out of a bearish wedge, indicating a move from a downtrend to a high. With MKR prices at this rate, we can see them testing their $800 resistance on a daily basis.
On the 1D chart, MKR is currently trading at $681, below the 50 and 200 exponential moving averages (EMA), which act as resistance. The resistance levels of the 50 and 200 EMAs are represented by the prices of $790 and $1,200.
MKR price needs to break through the $1,000 resistance to support as it continues to trade at daily lows.
MKR’s Relative Strength Index (RSI) is above 40 on the daily chart, indicating low buying volume.
Daily resistance for MKR price – 800 dollars.
Daily support for MKR price – 600 USD.
Featured Image From Market Periodical, Charts From Tradingview