Maker Price Analysis: MKR Price Slumped -3.91% in 24-hours


  • Maker’s EMA(10) shows a downward trend.
  • Maker price analysis is bearish today.
  • MKR fall -7.95% in seven days.
  • MKR faces resistance at $1,107.72.

08 December 2022 : In this article we will walk you through Maker price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Maker, Is MKR a good investment? Maker support & resistance levels etc. But before diving deep into the MKR technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $842,621,011,326. The total trading volume stands at $37,034,644,737. Bitcoin shares 38.52 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $16,883.80 level after a decline of -1.12%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -2.73 percent reaching to $1,235.02 during the previous 24 hours.
While publishing this blog, BNB traded at $284.58, following a price change of -1.88%within the same time frame. XRP the native coin of XRP is down by -1.54 and currently trading at $0.39. Additionally, Dogecoin reached $0.096 after seeing a decline of -3.9% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Maker Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Maker (MKR)

MKR Resistance Levels MKR Support Levels
Resistance Level 1 $1,107.72 Support Level 1 $873.54
Resistance Level 2 $1,229.82 Support Level 2 $761.46
Resistance Level 3 $1,341.90 Support Level 3 $639.36

Maker Performance

The price of Maker (MKR) is at $606.71, down -3.91% in the past 24-hours and has a price change of -7.95% over the week. One day trading volume for BTC is 18,838,698.00 USD while total marketcap reached $593,133,997.00 USD. There are almost 977,631 are in circulation out of 977631.

Maker Price Analysis

MKR price analysis for 08 December 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Maker.

Moving Averages Price Indicator
Simple Moving Average (10) 984.83 Sell
Exponential Moving Average (10) 1,003.15 Sell
Simple Moving Average (20) 893.53 Sell
Exponential Moving Average (20) 911.82 Sell
Simple Moving Average (50) 783.11 Sell
Exponential Moving Average (50) 794.97 Sell

The Maker has break all its supports levels and things are not looking good for the crypto market. Currently, bears are in control of the market and successfully take MKR price below the crucial support level of $873.54. While MKR’s Williams %R indicator is at -21.695 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The relative Strength Index (RSI) indicates that the MKR coin is trading in overbought phase, as RSI is at 79. The MKR/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market.

Conclusions

Maker is now experiencing a significant bearish trend, this does not necessarily imply that the cryptocurrency is in any type of precarious situation that cannot be rectified. Even if the price is falling steadily, it is anticipated that the two support levels will serve as strong barriers and cause the trend line to rebound back into the positive zone.