Maker Price Analysis – July 11
The Maker price is seen recovering from the low of $2612 as the price mounted up by 1.39%.
Resistance levels: $3500, $3700, $3900
Support levels: $2000, $1800, $1600
MKR/USD is currently changing hands around $2709 at the time of writing. Today’s trading begins with a slight uptrend in the market as the coin moves to touch the daily high of $2714. However, traders are anticipating that the current price movement is an indication of the upcoming price rally in the market as the 9-day moving average is currently above the 21-day moving average.
Maker Price Analysis: Where is MKR Price Going Next?
According to the daily chart, the next step for Maker price may be to cross above the upper boundary of the channel; once this is done, bulls may now face the resistance levels of $3500, $3700, and $3900 respectively. However, as the technical indicator Relative Strength Index (14) moves to cross above 50-level, MKR/USD can manage to sustain the bullish movement towards the $2900 and $3100 resistance levels. Meanwhile, if the coin decides to cross below the 9-day and 21-day moving averages, the support levels of $2000, $1800, and $1600 may be visited.
MKR/BTC Market: Consolidating to the Downside
Against Bitcoin, the MKR pair is in a range and it is currently trading below the 9-day moving average. At the moment, the bears may likely keep the coin within the negative side as the technical indicator Relative Strength Index (14) nosedives below 55-level.
However, if the bears succeed in keeping the price below the 9-day and 21-day moving averages, the market may likely fall to a support level at 0.070 BTC and below but this might not come to play now until the 9-day MA crosses below the 21-day MA. However, if the market gains a few positive moves and rebound from the current market value, this could push the price above the upper boundary of the channel, staying there may cause the coin to reach the resistance level of 0.090 BTC and above.