MKR Price Analysis – May 20
The Maker price is moving with an uptrend and the traders could expect an early arrival of a price rally
Resistance levels: $5000, $5500, $6000
Support levels: $2000, $1500, $1000
MKR/USD is currently dealing with the bears. The coin has always sought to increase despite the pressure of the market. The crypto market is currently struggling with volatility and it is very likely that the market will come out in the same way soon. The period after this one should be flourishing
Would Maker (MKR) see a Further Downside?
At the moment, MKR/USD continues to hold strong at $4023 and it’s possible that the more this support is tested, the more it’s likely to break. If the Maker price continues to abuse the $3000 level, the traders can expect the price to break beneath it at some point and the potential support levels of $2000, $1500, and $1000 may be tested.
However, the price touches the daily high of $4230 with the weak bullish momentum supported by the slightly positive technical levels. Therefore, if the market price pushes the price above the 9-day and 21-day moving averages, MKR/USD may hit the resistance levels of $5000, $5500, and $6000 as the Relative Strength Index (14) moves above 40-level.
MKR/BTC Market: Price Remains at the Upside
Against Bitcoin, MKR has been slowly grinding higher. After bottoming out around the 0861 SAT level, the price began to slowly ascend and is currently trading around 0990 SAT. The Maker price is now contained within the ascending channel as we wait for the bulls to hopefully push the market higher as the Relative Strength Index (14) moves to cross 60-level upward.
Moreover, if the bulls can break above the upper boundary of the channel, traders can expect initial resistance at 1100 SAT. Above this, higher resistance lies at 1150 SAT and above. From below, if the sellers drag the market beneath the 9-day and 21-day moving averages, traders can expect critical support at 0750 SAT and below.