MKR Price Analysis – April 23
Maker is trying to keep its upward movement, while buyers are still struggling to move the cryptocurrency to a new height.
Resistance levels: $400, $420, $440
Support levels: $235, $215, $195
Against the USD market, MKR has been increasing slowly since April 15, earning around 0.41% during the negotiation. Looking at the daily chart, Maker (MKR) has been rising for a few days after a bullish rally. Since two days ago, the bulls have been controlling the market with a current movement above the 9-day and 21-day moving averages, which is heading towards a resistance level of $350.
However, should in case the price exceeds the indicated level, then, the resistance levels of $400, $420 and $440 may be visited. For a backward movement, the market can be supported at levels of $235 and $215 and if the price falls below the previous level, another support is around $195. Meanwhile, the RSI (14) is moving around 55-level, which may cause the market to experience a sideways movement.
By pairing with Bitcoin, the market has been following the upward trend since some days ago, traders can see a positive movement in no time. Even the MKR/USD 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 appears in the daily chart, a slow progression is taking place, which could possibly be reflected in the market. Breaking the 0.047 BTC could further open the way for an upward movement. If such a scenario comes to play out, the closest resistance level for a possible inclination could be 0.052 BTC and above while the critical supports lie at 0.040 and below.
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