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.