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.
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.
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.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 75.6% | 40 | $68 144.21 | -2.18% | 1.79% | $1 347 686 332 613 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 88.4% | 21 | $2 432.74 | -3.15% | -1.50% | $292 933 112 862 | ||
3 | USDT | Tether predictions | 94% | 1 | $0.999849 | 0.03% | 0.13% | $120 558 503 347 | ||
4 | BNB | Binance Coin predictions | 94% | 4 | $559.14 | -2.72% | -4.18% | $80 571 389 671 | ||
5 | SOL | Solana predictions | 68% | 65 | $161.74 | -3.59% | -5.66% | $76 152 698 387 | ||
6 | USDC | USD Coin predictions | 96% | 1 | $1.000206 | 0.03% | 0.05% | $34 881 687 500 | ||
7 | XRP | XRP predictions | 94.8% | 5 | $0.500590 | -2.82% | -2.60% | $28 467 867 628 | ||
8 | DOGE | Dogecoin predictions | 65.6% | 77 | $0.148946 | -8.26% | 7.81% | $21 840 127 813 | ||
9 | TRX | TRON predictions | 94.4% | 4 | $0.164096 | -2.02% | -1.03% | $14 186 736 232 | ||
10 | TON | Toncoin predictions | 88% | 13 | $4.76 | -3.35% | -3.00% | $12 108 039 231 | ||
11 | ADA | Cardano predictions | 89.6% | 7 | $0.338480 | -6.20% | 1.96% | $11 845 120 349 | ||
12 | STETH | Lido stETH predictions | 92% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
13 | WTRX | Wrapped TRON predictions | 96% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 | ||
14 | WBTC | Wrapped Bitcoin predictions | 91.6% | 1 | $65 806.83 | 0.78% | -2.68% | $10 083 957 608 | ||
15 | SHIB | SHIBA INU predictions | 83.6% | 28 | $0.000017 | -5.57% | -0.81% | $9 910 281 096 |
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.