MKR Price Analysis – August 2
The Maker (MKR) price is currently recording a downtrend of 0.41%, in the last 24 hours; the coin has declined from $1077 to $1058.
Resistance levels: $1500, $1600, $1700
Support levels: $750, $650, $550
In the early hours of today, MKR bulls were rejected at around the $1077 level while the coin the low at $1010. The price is floating below the upper boundary of the channel trading around the 9-day and 21-day moving averages. The Relative Strength Index (14) indicates increasing bearish momentum as the signal line move below the 60-level, indicating that the market sentiment is presently bearish.
Maker Price Analysis: MKR Price May Head to the South
At the time of writing, the Maker price is changing hands at $1058 as the coin moves to cross below the 9-day and 21-day moving averages. However, if MKR/USD rises again and trades above the upper boundary of the channel, the coin may begin its upward movement. Therefore, any further bullish movement may locate the resistance levels at $1500, $1600, and $1700 while the support levels could be found at $750, $650, and $550 respectively giving a low trading volume.
MKR/BTC Market: Price Likely to Follow the Downside
Against Bitcoin, the MKR price is likely to slide below the 9-day and 21-day moving averages if the bulls failed to push the coin above the upper boundary of the channel. The next level of support may surface at 4200 SAT and could then locate further key support at 4000 SAT and below if the sell-off later becomes huge.
On the upside, if the bulls can gather enough momentum to push the price above the channel; Maker could face the resistance level of 5000 SAT. Any other resistance level could be located at 5500 SAT and above as the signal line of the Relative Strength Index (14) continues to move above the 50-level. On the contrary, if MKR/BTC faces a downtrend, it may bring more bearish pressure into the market.