In this technical analysis, we will talk about MKR which is a decentralized stable coin. The MakerDAO blockchain network is a robust platform for the development of smart contracts that power the MakerDAO ecosystem. It is a highly scalable network. To date, 400 apps and services including games, wallets, DeFi platforms, etc. have integrated with this network. Past Performance On April 9, 2021, MKR started trading at $2201.36. On April 15, 2021, MKR closed at $3751.61. Thus, in the past week, the MKR price has surged by approximately 70%. In the last 24 hours, MKR has traded between $3622.00 – $3831.82. https://ift.tt/3e6pjMP Day-Ahead and Tomorrow Currently, MKR is trading at $3731.10. The price has decreased from the opening price of $3754.85. Thus, the market looks bearish. The MACD and signal lines are positive. Thus, the overall market momentum is bullish. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect a price pullback. The OBV indicator has started falling gradually. Thus, selling volumes are slowly overtaking the buying volumes. Heavy offloading activity will exert downward pressure on the MKR price. Hence, we can expect the price to drop further. The RSI indicator has faced rejection at 54%. It has currently fallen to 53%. Thus, selling pressures are higher than buying pressures. Hence, we can expect the price to decline further. MKR Technical Analysis The price is presently below the Fibonacci pivot point of $3735.14. As the oscillators are indicating a price pullback, we can expect the price to fall below the first support level of $3654.99, in some time. Currently, the price has tested and fallen below 61.8% FIB retracement level of $3751.67. If by day end, the price retests and surpasses the 74.6% FIB retracement level of $3782.30, we can be assured that a price uptrend has set in. In that case, we can expect the bear-run to continue tomorrow as well.
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