Maker price analysis is up a lot today. Some traces of bear resistance have also been observed, but the police seem to have managed to evade them and continue to lead them. The bullish momentum is significant as the price has risen from $2250 to $2529 since the start of today’s session.
Although the last few days are very important as the price has suffered significantly from a sustained bearish line and the price function has remained down for the past week. The MKR/USD pair is up more than three percent in the last 24 hours; however, MKR lost 17 percent if we look at the value of the coin over the last seven days.
Maker’s one-day price chart shows that MKR/USD has been rallying well today. MKR has almost rallied in the last three days as gains continue the parade of resistance higher.
Volatility decreased for the MKR/USD pair as the Bollinger Bands tightened, which seems like a good sign for the cryptocurrency. The upper band is at $3,238 and the lower band is at $2,211, which gives an average of $2,725.
The most recent satisfactory development is that the moving average (MA) has moved below the price level and is at the $2490 mark, indicating a bullish crossover. The Relative Strength Index (RSI) is still at the bottom of the neutral zone, but is on an upward curve at Index 41; The indicator assumes that buyers will enter the market and add value.
The 4 hours chart continues to confirm the strength of the bullish momentum as the price moves to the next resistance level. As the price is near the upper edge of the Bollinger Bands, this is a bullish indicator, but we do not expect the price to continue rising.
The moving average on the 4-hour chart is below the price level for $2,336, as is the Bollinger Bands average for $2,360 and the Bollingers are lower at $2,147. The Relative Strength Index (RSI) has risen in the last few hours and is now at 58, indicating buyer interest in MKR assets.
Maker’s technical price analysis indicators still support the decline due to the ongoing downtrend the last few days, with 14 technical indicators still supporting asset options selling while only two indicators supporting asset options buying. However, the 10 technical indicators are neutral and do not give signals to buy or sell.
The moving averages are also strong to the bearish side, with 13 moving averages including short and long term averages supporting put options while only one moving average in the hull supporting the Ichimoku buy options baseline, other key indicators are neutral. . At the same time, the oscillators are generally neutral, with nine oscillators remaining neutral and one oscillator each supporting buy and sell options.
The MACD oscillator based on historical data still favors put options due to the downward trend of the last few days, while the pulse oscillator, which is great for intraday trading, prefers long options.
The producer price analysis of the current price function implies the purchase of an asset. However, due to such price spikes, adjustments can be made at any time. We expect the price to stay below the $2,800 envelope today. The resistance can only be overcome if the RSI yield grows into overbought territory, which seems unlikely today but could happen in the next two days.