Maker (MKR) Loses Key Support After Its Steep Correction

  • MKR saw its price drop 7.45% over the past 24 hours according to data from CoinMarketCap.
  • The latest drop in price comes after MKR was rejected by the $1,605 resistance level.
  • Technical indicators on MKR’s daily chart were also flagging bearish at press time.

The price of Maker (MKR) underwent a strong correction over the past 24 hours according to data from the cryptocurrency market tracking website CoinMarketCap. At press time, the altcoin was down 7.45% and was changing hands at $1,448.66 as a result.

Daily chart for MKR/USDT (Source: TradingView)

MKR’s price had been in a consolidation phase between $1,385 and $1,488 over the past 2 weeks. During this period, the altcoin’s price had briefly broken out of the sideways channel more than once. The first breakout was recorded on 27 September 2023, when a 5+% move propelled the cryptocurrency’s price to above the $1,488 mark.

It then continued to rise in the following 24 hours and attempted to flip the resistance level at $1,605 into support. However, it was rejected by this barrier – causing it to correct back within the current sideways channel.

This prompted sellers to continue to exert their pressure on MKR’s price, which caused it to fall below the $1,385 support level on 9 October 2023. It then oscillated around this significant price point for a few days before entering into a multi-day positive sequence on 19 October 2023. This resulted in MKR, once again, breaking above the $1,488 mark on Monday.

Furthermore, it retested the aforementioned resistance level at $1,605 twice over the past 48 hours, but sellers were able to defend the barrier during this latest attempt as well. Subsequently, MKR’s price dropped back within the medium-term price channel over the past 24 hours.

Meanwhile, technical indicators on MKR’s daily chart suggested that its price may continue to drop in the next 24-48 hours. Most notably, the daily MACD line was closing in on the daily MACD Signal line. Should these two technical indicators cross, it could signal a continuation of MKR’s bearish trend in the short term.

In addition to this, the daily RSI line recently broke below the RSI SMA line. This may be an indication that sellers have gained the upper hand on MKR’s daily chart.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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