Maker Price Analysis: Buyers Fear Holding MKR Tokens in Portfolio After Fresh 52-Week Low
- Maker Token is turning lower under a falling parallel channel below the $1000 ideological round.
- For the past several days, bears have remained on the 20-day moving average.
- Speculators saw a 31% drop of $22 million in the last 24 hours.
Maker Token has hit a 52-week low of $654.6 mark this week. However, it is not far from the last 52-week low. After falling below annual lows, MKR crypto became more bearish for the long-term outlook. There is no upside opportunity until the token bottoms out.
Producer price is performing poorly under a descending parallel channel on the daily price chart. Before the downtrend, buyers were managing the asset price under a symmetrical triangle pattern (White). Despite yesterday’s modest recovery, the MKR token looks bearish today, while it was trading at the $668 mark at the time of writing.
Amid the downtrend, the 100-day moving average stood to be the red zone of selling for a long time. Thus, the altcoin is trading below the significant moving averages of 20,50,100, and 200 at the time over the daily chart. However, the Speculators saw a drop of 31% in the last 24 hours to $22 Million.
More Downtrend is Likely Ahead
Due to the downtrend, the Market cap of Maker token reached $654 Million. Buyers need to reverse the ongoing trend to defend themselves from more sell-off. Although the RSI indicator shows minimal sustainability in price as its peak moves above the bullish trendline. Conversely, MACD seems to be flat into a negative region.
The Maker token is extremely bearish under the falling parallel channel. In the recent decline, short-sellers registered a fresh 52-week low and more downtrend is likely ahead. The technical indicator shows neutral to recovery zone for MKR price.
Support levels – $650 and $500
Resistance level – $1000 and $1400
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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