The Graph (GRT) and Maker (MKR) Technical Analysis: What to Expect? PlatoBlockchain Data Intelligence. Vertical Search. Ai.

The Graph (GRT) and Maker (MKR) Technical Analysis: What to Expect?

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The Graph and Maker prices are stabilizing above crucial support levels. GRT/USDT could expand to $1.30 while MKR/USDT appears steady for $6k in the medium-term.

Maker (MKR)

The MKR governance token is behind the Ethereum-based MakerDAO and Maker DAI-issuing platform.

MKR is the lender of the last resort, helping in the management and issuance of the DAI stablecoin.

Past Performance of MKR

The token closed the week on a firmer footing. After sharp declines in the last four weeks, the token is stable with bullish hints.

On the last day, trading volumes fell 16 percent to $167 million, but prices are up 16 percent against the USD to over $3.2k week-to-date.

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Meanwhile, MKR has added versus BTC and ETH on the last day.

Day-Ahead and What to Expect

Maker technical analysis points to demand. From the daily chart, the MKR/USDT price is largely suppressed.

However, from a volume analysis perspective, the path of the least resistance is northwards.

Prices are within the May 24 bull bar, bouncing off February 2021 highs of around $3k.

MKR/USDT Technical Analysis

Maker Daily Price Chart for May 31

Technically, Maker prices are on an uptrend.

The reversal from the $3k psychological support and the middle BB could be the momentum that may see MKR/USDT surge towards $6k in the medium term.

If MKR bears press lower, driving MKR below $2.6k and May 24 bull bar, prices may fall back to $1.7k or around May 23 lows in bear trend continuation of H2 May 2021.

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The Graph (GRT)

The Graph indexing protocol is suitable for data scientists. It is useful for querying data from various networks like Ethereum and the IPFS. Already, it powers several dApps and ecosystems, including in DeFi.

Past Performance of GRT

Candlestick arrangements of the GRT price suggest strength.

After gains of the first five months of the year, the uptrend is bogged by bears.

Month-to-date, GRT is down 55 percent, adding 29 percent against the USD on the last trading week.

At the same time, it has pared losses with ETH, adding three percent week-to-date.

Day-Ahead and what to Expect

GRT trading volumes are up 21 percent to $134 million despite trader’s optimism.

Overly, GRT/USDT technical bears remain bearish in the short term.

At spot rates, GRT prices are down over 75 percent from Q1 2021 peaks as bears press lower, forcing liquidation on pullbacks.

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GRT/USDT Technical Analysis

The Graph Daily Price Chart for May 31

GRT prices have support at $0.60, within the May 19 bear bar and below the middle BB.

At the same time, the GRT/USDT price is consolidating. In the short term, gains above $0.90 may trigger demand with targets at $1.30.

On the flip side, high-volume losses below $0.60 may see GRT contract to $0.25 in a bear trend continuation and confirmation of May 19 losses.

#DeFi #GRT #GRT/USDT #Maker #MKR #MKR/USDT #The Graph

Source: https://www.cryptoknowmics.com/news/the-graph-grt-and-maker-mkr-technical-analysis-what-to-expect

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