MKR Price Analysis – June 8
Maker is trying to keep its upward movement, while buyers are still struggling to move the cryptocurrency to new heights. However, the cryptocurrency remains above its trend, which establishes the moving average in 50 days.
Resistance levels: $970, $990, $1010
Support levels: $330, $320, $310
Against the USD market, MKR has been increasing slowly since May 10, earning around 5% during the negotiation. Looking at the 4-hour chart, Maker has been rising for a few weeks after a bullish rally. The bulls strongly control the market with a current movement above the 50-day MA and EMA, which is heading towards a resistance level of $800.
Moreover, should in case the price exceeds the indicated level, then, the resistance levels of $970, $990 and $1010 will be visited. For a backward movement, the market can be supported at levels of $330 and $320 and if the price falls below the previous level, another support is around $310.
By pairing with Bitcoin, the market has remained unstable for weeks, traders can see a positive movement in no time. The MKRUSD market, on the other hand, is following an ascending broadening wedge formation as the bull gains ground. However, an escape must take place.
As it appeared in the 4-hour MACD, a slow progression is taking place, which could possibly be reflected in the market. Breaking the important blue line of the MA 50 opens the way for an upward movement. If such a scenario is revealed, the closest resistance level for a possible inclination is 0.161BTC and beyond.
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