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Maker (MKR) and Avalanche (AVAX) Technical Analysis: What to Expect?

cryptoknowmics.com 14 June 2021 15:49, UTC
Reading time: ~3 m

Avalanche and Maker prices are diverging. MKR/USDT found critical support at $2.7k. On the other hand, AVAX/USDT may recover to $23 if $12 holds.

Maker (MKR)

The MKR governance token grants users control of the protocol’s development. Besides, it is for managing the DAI stablecoin.

Past Performance of MKR

Reflecting the overall state of the crypto and DeFi market, MKR is under pressure and edging closer to one of the key support lines in the daily chart.

At the time of writing, MKR is up eight percent on the last trading day, albeit with low participation levels.

Trading volumes are marginally up by four percent to $80 million.

Day-Ahead and What to Expect

Maker technical analysis places bear ahead.

But, if anything, MKR prices are at a critical juncture of which movement in either direction could define MKR/USDT in the short to medium term.

The zone between $2.6k and $3k (February 2021 highs) is the primary support level that also coincides with May 24 bull bar’s low.

MKR/USDT Technical Analysis

There are bearish hints reading from MKR/USDT price action in the daily chart.

However, bears are inside May 24 bull bar and around the primary support zone.

Maker bulls have the upper hand from an Effort-versus-Results perspective, especially if sellers fail to close below February 2021 highs.

Steep losses, nonetheless, below $2.6k confirm bears of May 2021. In this case, Maker may crash to $1.7k.

On the flip side, gains above the middle BB and May 24 highs would trigger demand, lifting MKR/USDT towards $6k from the three-bar bullish reversal pattern of June 11 to 13.

Avalanche (AVAX)

The Ava Labs’ creation launched in September 2020, centering AVAX as the primary payment token for the DEX trading platform boasting sub-second transaction confirmations.

Past Performance of AVAX

Reading from the AVAX/USDT chart in the daily chart, there is a tinge of support though bears are in firm control. There were minor gains over the weekend.

At the time of writing, AVAX is up eight percent, backed by rising trading volumes at $56 million.

Day-Ahead and What to Expect

AVAX/USDT is trading within a bear breakout pattern with clear resistance at $23.

The middle BB is the immediate liquidation level.

Bears are in control since AVAX/USDT bulls are struggling to unwind losses of the last four weeks.

AVAX/USDT Technical Analysis

There is a three-bar bullish reversal pattern visible in the daily chart.

Losses below $12 may fuel more liquidation as AVAX bears align along the lower BB.

On the more positive side, gains above the middle BB—or $17—increases the odds of a retest of $23—or March and April 2021 lows.

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