Since February 5, Maker rallied to $2800 after a rebound above the $1,800 support. The bulls failed to sustain the uptrend above the $2,800 resistance. Consequently, MKR fell to $2,400 support and resumed consolidation above it.
For the past week, the cryptocurrency has been fluctuating within a confined range. The bulls have tested the resistance at $2,800 thrice but unable to break it. The bears also tested the support at $2,400 but made a pullback. The candlesticks with long tails are indicating buying pressure at a lower price level. On the upside, if the bulls break the resistance at $2800, the market will rise to a high of $3,500 high. However, if the bullish scenario fails, the market will continue with the sideways trend.
MKR’s price is well above the moving averages which indicate a possible upward move for the cryptocurrency. The price is above the 70% range of the daily stochastic. This indicates that Maker has bullish momentum. MKR upward move is doubtful as it is above level 70 of the Relative Strength index.
Major Resistance Levels – $3,000 and $3,200
Major Support Levels – $1.600 and $1,400
Maker (MKR) is likely to make a further upward move if the resistance at $2800 is breached. On February 5 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise and reverse at level 1.272 Fibonacci extensions. That is the high of $3574.96.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.