Maker Price Analysis – August 16
The Maker price is trading downwards, just like any other altcoins in the crypto market.
Resistance levels: $4500, $4700, $4900
Support levels: $3200, $3000, $2800
MKR/USD has resumed back in the middle of consolidation as the coin drops below the upper boundary of the channel. The Maker price is now roaming around the $3734 level. However, if the market continues the down-surge and squeeze, the $3500 support is likely to surface in the next few negative moves. More so, MKR/USD pair might further look for lower price levels if the bears continue to show commitment.
Maker Price Analysis: Can Maker Price Head Lower?
MKR/USD is currently trading above the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) prepares to move below 65-level. Meanwhile, taking a look at the daily chart, traders can see the trading volume is becoming low and the coin may likely create a new low before crossing above the channel.
Therefore, if MKR/USD pair continues to stay under the control of bears, the price may reach the support levels of $3200, $3000, and $2800. On the upside, if the bulls step back and push the coin above the upper boundary of the channel, traders can expect the potential resistance levels at $4500, $4700, and $4900.
MKR/BTC Market: Consolidating Above the Moving Averages
Looking at the daily chart, MKR/BTC is trading above the 9-day and 21-day moving averages. Although, the price is not forming a downward trend on the daily chart as bulls are making an attempt to push the coin higher. However, the Maker price is likely to create an additional uptrend if the bulls keep the coin above the moving averages. Therefore, any further bullish movement could take the coin to the resistance levels of 0.090 BTC and above.
However, looking at the current Relative Strength Index (14) on the daily chart, it appears that bears are likely to come into focus if the price move below the 60-level. Meanwhile, if the Maker price cross below the 9-day and 21-day moving averages, it could hit the support level of 0.072 BTC and below.