Maker (MKR) technical analysis:
Trade setup: A rare asset that has remained in an Uptrend throughout the recent market downturn, which indicates consistent demand from buyers. However, after getting rejected 2x at $1,600 resistance zone (Double Top pattern?), price has pulled back and broken below $1,350 support, which makes us cautious. We wait to see where this pullback stabilizes. The next support area is $1,000-$1,100. Maker is a well established DeFi platform with real users and revenues, which forms a solid foundation for investors looking to trade it.
Trend: Downtrend on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $1,350, which it broke, then $1,000 – $1,100. The nearest Resistance Zone is $1,600.
Trade setup: A rare asset that has remained in an Uptrend throughout the recent market downturn, which indicates consistent demand from buyers. However, after getting rejected 2x at $1,600 resistance zone (Double Top pattern?), price has pulled back and broken below $1,350 support, which makes us cautious. We wait to see where this pullback stabilizes. The next support area is $1,000-$1,100. Maker is a well established DeFi platform with real users and revenues, which forms a solid foundation for investors looking to trade it.
Trend: Downtrend on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $1,350, which it broke, then $1,000 – $1,100. The nearest Resistance Zone is $1,600.