Maker Coin Price Falls Almost 20% After An All-time High Of $4934

• MKR fell almost 20% after making the latest all-time high of $4934
• Currently, the coin is trading just above the 50 EMA, which is above the 200 EMA in the daily timeframe, implying the uptrend is intact.
• The MKR/BTC pair is trading at 0.077189 with an intraday loss of 3.25%

Source- tradingview

MKR coin price fell after consistently moving up and creating a new all-time high of $4934; currently, it is holding above 50 EMA (yellow) and 100 EMA (green) in the daily timeframe. The volume over the daily chart is also good and increasing. After a sharp selloff and long wicks candles, a new support level was observed at 0.236 Fibonacci level at $4006 but the price has recently breached this level and might head lower. The live Maker price today is $3,808.84 with a 24-hour trading volume of $359,015,279. Maker is down 3.25% in the last 24 hours. The live market capitalization of the coin is $3,790,709,987.

Symmetrical triangle brings the Make it or break it moment for MKR

Source – tradingview

MKR has made a symmetrical triangle pattern in the 4-hour timeframe after reversal from the all-time high level. MKR coin price is resonating inside the pattern for now. The coin price has fallen 3.25% in the last 24 hours. 50 EMA and the $3254 support level have pushed the price back up; however, a resistance trendline is also observed. The level of $3254 and the zone between $2750 and $2900 are the immediate support, whereas the immediate resistance level is $4679.

The coin price finds support near the 100 EMA (green) as the price trades just above the 50 EMA (yellow). The 50 EMA is above the 100EMA and 200 EMA (white) in the 4-hour timeframe implying an uptrend.

The RSI (neutral) indicates neutral momentum while trading at 49 with a downward slope. 

The ADX indicates a losing momentum as it is trading at 15 while the slope in ADX is decreasing in value, implying a slow momentum. However, a spike in ADX is soon expected.

Conclusion – MKR coin price has recently formed a symmetrical triangle pattern which can give breakout on either side. A short-term pullback is anticipated to give a retest after breakout. Support from 200 EMA and the support zone near $2750 could push back the price, so early traders must wait for retest confirmation. 

Support- $3254 and zone between $2750-$2900

Resistance- $4679