Maker Price Analysis: Buyers Fear Holding MKR Tokens in Portfolio After Fresh 52-Week Low
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- Maker Token is settling below the falling parallel channel below $1000 ideological round.
- For the past few days, the bears have been stuck at the 20-day moving average.
- Speculators saw a 31 percent drop of $22 million in the last 24 hours.
Maker Token has hit a 52-week low of $654.6 this week. However, it is not far from the last 52-week low. After falling below the annual low, MKR crypto turned more bearish on the long-term outlook. There is no possibility of going up until the mark ends.
The producer price does poorly under the falling parallel channel in the daily price chart. Before the downtrend, buyers controlled the price of the asset according to the symmetrical triangle (white). Despite yesterday’s modest recovery, the MKR token is looking bearish today, while it spent $668 at the time of writing.
In the middle of a downtrend, the 100-day moving average was a red zone for selling for a long time. Thus, the altcoin is trading below the significant moving averages of 20, 50, 100 and 200 on the daily chart. However, Speculators saw a 31 percent drop in the last 24 hours to $22 million.
More downtrend is likely to come
Due to the downward trend, the Maker token’s market capitalization reached $654 million. Buyers need to reverse the current trend to defend themselves against a bigger selloff. While the RSI indicator shows minimal resistance in prices as its top moves above the rising trend line. On the other hand, the MACD appears to be flat in negative territory.
The maker signal is very bearish under a falling parallel channel. In the recent decline, short sellers recorded a new 52-week low, and more downtrend is likely ahead. The technical indicator looks neutral to the recovery zone at the MKR price.
Support levels – $650 and $500
Resistance level – $1000 and $1400
The views and opinions expressed by the author or any people named in this article are for information only and do not constitute financial, investment or other advice. Investing or trading in crypto-assets involves the risk of financial losses.