Bitcoin
BTC$70 736.91

2.78%

Ethereum
ETH$3 562.64

1.50%

Tether
USDT$1.000352

0.08%

Binance Coin
BNB$581.39

2.02%

Solana
SOL$187.83

1.55%

XRP
XRP$0.628371

2.46%

Maker (MKR) Is Gliding Along the Resistance Line


April 2020

Maker, a cryptocurrency that is considered as one of the most suitable for swing trading because of its price action that is reminiscent of waves on the storming ocean, has apparently entered a period of calm after a deep dive that the market took in the middle of March.

All-time Maker price action

Considering that MKR lost 49% of its value in the last twelve months, its 18% price increase over the previous month is a weak consolation for traders and investors who failed to read the market properly at the tail end of February, when it had begun to transform its structure from that of the minor uptrend to a total rock avalanche that stopped only at $166.

Maker is in the tight spot


In fact, that crash was so devastating for Maker that it made the price fall through the established structure of a macro downtrend that had been developing since January 2019.

1-week MKR/USDT chart

There is no need to go at length about the path that the coin made after it had bounced off the local bottom. The only peculiar thing about it is the presence of the uncharacteristically large buying volume that followed the panic sell, which exceeded the previous selling one almost by two-fold.

However, the corresponding candlestick chart reveals the underlying strength that the bears have in this market, as even such an impressive volume didn’t provide enough vigor for the bulls to crack the long-lasting resistance at $335, even though they began testing it from the first days that followed the meltdown.

Right now, Maker is in quite a pickle as it is approaching the edge of the ascending triangle that must be resolved in the next two weeks. Given how little MKR achieved while being supported by a huge bullish volume, it would require intervention by a group of whales to push its price up and inside the descending triangle, where the coin would once again find itself in the context of the downtrend.

To make matters worse for the optimistic Maker holders and traders, who got themselves trapped in this market, the Stochastic oscillator is about to perform a bearish crossover and end up below 20 again. The RSI has also been lying flat for weeks, while the Average True Range indicator is on the decline, which means that traders shouldn’t expect a bursting price action on the part of Maker in the coming weeks.

The highest probability is that MKR would be unable to penetrate the mentioned resistance at $335 fully, and would either continue to consolidate around that area or begin a gradual descent since the bulls will soon exhaust their strength. Traders shouldn’t rule out the possibility of Maker moving back to $200 in case the entire market falters after the month-long period of growth that was based purely on optimism.

Dull against Bitcoin


The situation in the MKR/BTC market isn’t much better, although scalpers could find it suitable for their style of trading.

1-day MKR/BTC chart

Upon the infamous crash, the price action got stuck in the range between 3,9 million satoshis and 4,6 million sats, continually hitting the 21-period EMA and being rejected. The trading volume is mixed and not particularly significant. MACD has been bullish for quite a while, but it’s still too far from the equator at zero, so this market is still bearish.

To summarize, Maker presents no interest for swing traders at this point due to its weak price action, but scalpers may use the existing situation to their advantage.

Author: Alex Paulson for Crypto-Rating.com

Related

Maker (MKR) Stands on the Slippery Ground
Maker (MKR) Stands on the Slippery Ground
Maker (MKR) Is Destined For Another Upswing
Maker (MKR) Is Destined For Another Upswing
Maker (MKR) Has Macro Resistance to Beat
Maker (MKR) Has Macro Resistance to Beat
Maker: In Anticipation of the Upward Move
Maker: In Anticipation of the Upward Move
Maker (MKR) Price Forecast for December 2019
Maker (MKR) Price Forecast for December 2019
Maker (MKR) Price Prediction for November 2019
Maker (MKR) Price Prediction for November 2019

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 77.6% 44 $70 736.91 2.78% 8.31% $1 391 178 414 200 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 75.6% 48 $3 562.64 1.50% 2.46% $427 772 969 398 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000352 0.08% 0.04% $104 490 946 646 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 62% 80 $581.39 2.02% 4.85% $86 939 551 284 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 56% 89 $187.83 1.55% 4.77% $83 450 036 018 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 80% 32 $0.628371 2.46% -1.77% $34 487 663 799 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 90.4% 2 $1.000008 -0.02% -0.02% $32 295 051 608 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 67.6% 68 $0.223194 20.12% 46.03% $32 063 455 196 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 68.4% 67 $0.650387 0.01% 2.61% $23 142 053 918 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 56.4% 88 $54.77 1.11% 1.30% $20 670 511 693 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 56.4% 94 $0.000032 6.29% 18.17% $18 866 682 481 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 58.8% 88 $4.88 -2.51% 19.56% $16 927 337 697 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 72% 52 $9.53 0.98% 2.89% $13 600 267 897 DOT 7 days price change
14 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 69.6% 60 $576.75 6.65% 38.66% $11 351 495 383 BCH 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 74.4% 42 $19.16 -0.94% 2.77% $11 250 792 534 LINK 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.