Maker and Balancer prices are printing higher highs but nonetheless pressured. BAL/USDT may sink to $10 while MKR/USDT prices could find reprieve if $1.7k holds. Maker (MKR) The Ethereum-based DeFi protocol commands the highest TVL, allowing participants to lend and borrow supported tokens. Its governance token and lender of last resort is the MKR token. Past Performance of MKR At the time of writing, MKR prices are stable, soaking selling pressure even though price action slants for sellers. Presently, MKR is stable, adding six percent on the last trading day with shrinking trading volumes. Day-Ahead and what to Expect Sellers are in the driving seat, reading from price action in the daily chart. MKR prices are now trending below $2.7k, collapsing after losses of June 21 as the middle BB acts as the immediate, flexible line. There were higher highs over the weekend, but the bear gradient is steep, negative highlighting the liquidation pressure that appears near insurmountable. MKR/USDT Technical Analysis MKR prices are moving in tight ranges inside the June 21 bear bar and within the trading range of the second half of May. In this, bears are in control from an Effort-versus-Results perspective. Risk-on MKR traders can liquidate on pullbacks towards the middle BB and June 25 highs of around $2.3k. Immediate targets can be the primary support at $1.7k unexpected surges above $2.5k, and $2.7k invalidates bears, exposing MKR to more demand. Balancer (BAL) The AMM swapping protocol has three unique pools introducing a new level of flexibility. BAL is the platform’s governance token. Past Performance of BAL At the time of writing, BAL is up 12 percent on the last trading day. Nonetheless, BAL bears are firmly in control, threatening to unwind gains of the first half of 2021. Specifically, BAL is down over 85 percent from 2021 highs, pointing to the ferocity of BAL bears. Day-Ahead and what to Expect Every high is, technically, a selling opportunity if price action in the daily chart leads. Reading from BAL state, sellers have been successful in neutralizing bullish attempts. Accordingly, sellers can double down, finding an opportunity to unload with targets at H1 2021 lows of around $10. BAL/USDT Technical Analysis BAL prices are banding along the lower BB suggesting intense selling pressure. Besides, BAL/USDT prices are trading within a bear breakout pattern with immediate resistance at the middle BB and $22. Of note, the lower BB and the 20-day moving average are diverging—this is bearish for sellers. Aforementioned, BAL/USDT traders may find entries on pullbacks with targets at $10. Surges above $22 and the middle BB would halt the draw-down, allowing BAL prices to recover.
The post Maker (MKR) and Balancer (BAL) Technical Analysis: What to Expect? appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
