Maker (MKR) is the token for platforms based on the Ethereum blockchain. These platforms are MakerDAO and Maker Protocol. Respectively, a decentralized organization and a software platform. MKR provides voting rights to its users. Let us look at the technical analysis of MKR.
Past Performance
On June 24, 2021, MKR started trading at $2,315.55. As of June 30, 2021, the closing price of MKR was $2668.58. Thus, in the past week, the price has been volatile. In the last 24 hours, MKR has traded between $2,270 – $2,739.
https://www.tradingview.com/x/ikfqerhD/
Day Ahead And Tomorrow
Currently, MKR is trading at $2696. The price has increased from the opening price of $2606. Thus, the market looks bullish.
The MACD and signal lines are in the negative zone. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum might turn bullish, and we can expect a price rise. However, both the lines are close to the zero lines and may change signs soon. If buying pressure takes over the selling pressure, we might witness a clear breakout on the upside for MKR.
The RSI indicator is at 49.70%. It has just fallen from the 46% mark. Thus, it indicates that the buying pressure is high in the market. Hence, we can expect the price to rise for some time.
MKR Technical Analysis
The price is currently trading at the Fibonacci pivot point and a strong resistance level of $2687. As some of the oscillators have shown bullish signals, we can expect the price to rise above and test the Fibonacci pivot support level of $3378 soon.
The price has tested and is currently trading at a 23.6% FIB retracement level of $2687. If the price falls below the 23.6% FIB extension level of $2687 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.
