MKR is a decentralized stable coin as well as the in-house currency of the MakerDAO network. The MakerDAO blockchain network is a robust platform for the creation of smart contracts that drive the MakerDAO ecosystem. The network has an incredible scalability quotient and to date, 400 apps and services including games, wallets, DeFi platforms, etc. have integrated with this network. MKR technical analysis is as follows. Past Performance On Jun 15, 2021, MKR opened at $3,218.86. On Jun 21, 2021, MKR closed at $2,102.01. Thus, in the past week, the MKR price has decreased by roughly 35%. In the last 24 hours, MKR has traded between $2,057.73 – $2,565.25. https://ift.tt/3zOibic Day-Ahead and Tomorrow Currently, MKR is trading at $2,237.71. The price has increased from the day’s opening price of $2,102.01. Thus, the market seems bullish. The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect a price pullback. Currently, the RSI indicator is at 50%. It faced rejection at 58% and fell to the current level. Hence, selling pressures are very high. High selling activity will exert downward pressure on the MKR price. However, the OBV indicator is upward sloping. Thus, buying volumes are much higher than selling volumes. There is bullish divergence here. In short, when we look at all three oscillators together, we can say that the overall market momentum is positive. However, intermittent price pullbacks cannot be ruled out. The market seems to be in a price adjustment phase. MKR Technical Analysis Currently, the price is below the first Fibonacci pivot support level of $2,249.76. It may soon break out this level and further surpass the Fibonacci pivot point of $2,443.64. If the bulls remain strong, the price may even break out of the first resistance level of $2,637.51 soon. The price has tested and surpassed the 76.4% FIB retracement level of $2,177.50. The price may soon break out of the 61.8% FIB retracement level of $2,251.60 as well. Thus, as of now, the bulls seem strong, and we can expect the price uptrend to continue tomorrow as well.
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