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Maker (MKR) and Secret Network (SCRT) Technical Analysis: A Spring Back?

cryptoknowmics.com 26 November 2021 12:40, UTC
Reading time: ~2 m

Maker prices are turning around as MKR bulls push for $4k. Meanwhile, the Secret Network token is under pressure. Still, SCRT is solid above $6.5.

Maker (MKR)

The DeFi DAO manages DAI using its governance token MKR.

Past Performance of MKR

Maker token bulls are alive, based on the MKR technical analysis of the daily chart.

After discouraging waves of lower lows, MKR token buyers are now back in contention, stretching gains versus the greenback.

Day-Ahead and What to Expect

There are signs of strength, and candlestick arrangement skews to favor buyers when writing.

Notably, MKRUSDT prices are within a bullish breakout pattern after rapid gains from around $2.6k—marking last week's lows.

In a bullish continuation pattern above the bullish pennant, MKR coin traders are confident, targeting $4k in the short term.

Maker Technical Analysis

The Maker coin is inching higher as bulls expand.

From the daily chart, MKRUSDT traders might find entries as long as prices are within the November 25 bar and above $2.6k.

The ideal loading point is at the middle BB and $3k.

As from the daily chart, increasing MKR token prices are likely to draw in more buyers pushing MKRUSDT towards $4k.

Secret Network (SCRT)

The smart contracting platform is pro-privacy, using SCRT as the main currency.

Past Performance of SCRT

The Secret Network crypto buyers have been rampant, as per the SCRT technical analysis of the daily chart.

As expected, after a remarkable performance, SCRT token prices are cooling off.

Still, SCRTUSDT prices are at near all-time highs.

Day-Ahead and What to Expect

From the candlestick arrangement in the daily chart, SCRT token prices are within a bear breakout pattern.

Nonetheless, losses seem to have been contained since SCRTUSDT prices are consolidating above $6.5, tracking the middle BB.

As long as SCRT coin prices are below the dynamic resistance line, sellers have the upper hand.

Secret Network Technical Analysis

In the short term, SCRTUSDT sideways movement may turn out as an accumulation or distribution depending on breakout direction.

Aforementioned, the primary support is at $6.5. A high volume close below this mark may see SCRT prices tank to $4.5.

Since the SCRT coin is under pressure, this may signal the beginning of what may turn out to be a deep correction.

On the flip side, buyers will take charge once traders blast past the resistance line and even $10 on the upside.

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