Maker Dao is a blockchain platform that facilitates the creation of smart contracts that power the MKR token. The MKR token is an unbiased, decentralized, and prime governance token of this ecosystem that facilitates borderless digital money transactions. It facilitates price stability and financial freedom with minimal price volatilities. The MKR technical analysis is as follows: Past Performance On May 13, 2021, MKR started trading at $4,923.40. On May 19, 2021, MKR closed at $3462.08. Thus, in the past week, the MKR price has decreased by roughly 30%. In the last 24 hours, MKR has traded between $3019.68-$3604.85. https://ift.tt/2QEZMms Day-Ahead and Tomorrow Currently, MKR is trading at $3502.52. The price has increased from the day’s opening price of $3463.01. Thus, the market seems to be bullish. The MACD and signal lines have turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further. The A/D indicator has fallen steeply. This implies that distribution activity is much higher than accumulation activity. Thus, heavy offloading activity is likely to push the crypto price downwards. There is bearish divergence here. In conjunction with the MACD oscillator, we can say that a bullish trend reversal may be on the horizon. Currently, the RSI indicator is at 66%. It faced rejection at 59% and rallied to the current level. Thus, buying pressures are high. Thus, the RSI indicator is giving further credence to the bullish signals given by the MACD oscillator. MKR Technical Analysis In a nutshell, when we look at all oscillators together, we can say that the price will continue rising for some time. Thereafter, a trend reversal or a price pullback may occur. Currently, the price is above the Fibonacci pivot point of $3362.20. It is soon likely to surpass the first resistance level of $3585.74. Thereafter, we have to wait and watch to see if the price starts falling. The price has tested and broken out of the 23.6% FIB retracement level of $3466.75. By day end, if the price retests and falls below this level, then probably the bears have gained strength. In that case, the price downtrend is likely to continue tomorrow as well.
The post MKR Technical Analysis: Price Likely to Surpass $3585.74 appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
