MKR Price Analysis – May 25
Maker (MKR) is trying to keep its upward movement, while buyers are still struggling to move the cryptocurrency to a new height.
Resistance levels: $385, $405, $425
Support levels: $290, $270, $250
MKR/USD has been increasing slowly since a couple of days ago, earning around 4.73% 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 making an attempt to control the market with a current movement above the 9-day and 21-day moving averages, which is heading towards a resistance level of $360.
However, should in case the price exceeds the indicated level, then, the resistance levels of $385, $405 and $425 may be visited. For a backward movement, the market can be supported at levels of $290 and $270 and if the price falls below the previous level, another support is around $250. Meanwhile, the RSI (14) is ready to cross above the 60-level, which indicates more bullish signals into the market.
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 as well 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 0.040 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 0.053 BTC and above while the critical supports lie at 0.034 and below.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.