MKR Price Analysis – October 31
Maker is beginning to experience downward pressure in the short term, as buyers struggle to move the cryptocurrency to a new high.
Resistance levels: $585, $605, $625
Support levels: $472, $452, $432
Looking at the daily chart, the upward trend in the daily time frame suggests that the MKR/USD pair should continue trading in the medium term, with prices still above the 9-day moving average, while the signal lines of Stochastic RSI warn that a deeper technical correction may occur in the short term.
The stochastic daily, which currently trades above level 80 (overbought zone), has revealed the few days of this positive evolution. Therefore, if the price exceeds the indicated level of $528, then, the resistance levels of $585, $605 and $625 will be visited. Meanwhile, for a backward movement, the market can be supported at levels of $472 and $452 and if the price falls below the previous level, another support is around $432.
The value of MKR has depreciated in recent weeks due to the low liquidity that brought prices to the trend line below 0.053 BTC on October 27. Although prices have been moderate, the MKR market has evolved significantly. The last 10 trading hours so far, the price has moved earlier to touch 0.056 BTC and then went down a little before correcting high again.
Looking at the stochastic RSI, the current side market is shown at zero-level. An upward bull trend should reach the resistance level at 0.062 BTC, where the upper trend line is at rest. Above this resistance are the levels of 0.064 BTC and 0.066 BTC. However, a bearish point could retest the previous minimum to 0.050 BTC before placing a new one around 0.047 BTC and below.
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