The phenomenal growth of the DeFi sector in the last month has benefited MKR (Maker). The MKR price registered approx. 80% growth in the past week. In the past 24 hours, MKR price touched a high and low point of $3100 and $2247.26, respectively. As of February 5, 2021, the closing price of MKR is $2696.20. https://ift.tt/2MFW1Lp MKR to Keep Moving Downwards Currently, the price of MKR is $2355.79. The price has fallen from the opening price of $2694.20. The SMA and EMA lines are slightly above the price line. So, the price may steadily rise again. The A/D line is sloping downwards indicating that distributions are overtaking accumulations. The OBV line is also falling implying high selling activity by whales. Declining price, A/D, and OBV lines suggest a price downtrend. The RSI indicator is at 45%. After treading into the ‘oversold’ region four hours back, it has rallied upwards again. However, since the value is below 50%, it indicates that selling pressures are still very high. Hence, the bearish momentum will continue for some time. In the last 4 hours, MACD and signal lines were in the negative region. However, now they have come close to the zero line and may change signs soon. But, a bearish crossover by MACD line over signal line indicates that price will continue to fall for some more time. But, the fact that they are very close to turning positive, indicates an impending trend reversal. The ADX line is declining. So the bearish momentum is strong. The AO indicator is also negative. But, the ‘sell’ signal has become relatively weaker than what it was 4 hours back. The Stochastic oscillator is at 30 – very close to the ‘oversold’ region. Thus, the bearish trend is strong. Hence, we can expect the MKR price to fall further. With bearish signs given by all indicators, we can expect the price downtrend to continue. The current price is much lower than the Fibonacci pivot level of $2681. It is close to the first Fibonacci pivot support level of $2355.41. By the end of the day, the price can go below the consecutive Fibonacci pivot support levels of $2154 and $1828. Even if the price closes below the second support level, we can expect the price downtrend to continue tomorrow as well.
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