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MAKER Coin Price Analysis: MKR Resonating Within An Ascending Triangle, Result Expected In Mid-may 2021

source-logo  thecoinrepublic.com 29 April 2021 15:09, UTC
  • MKR coin price boosted more than 100% in the last two weeks and is now resonating within the ascending triangle.
  • The resistance level of the ascending triangle is the $5093 level since the boost. But the price is still above major 50, 100 & 200 EMA in the daily timeframe.
  • The MKR/BTC pair is trading at 0.07974, an intraday growth of 2.08%

Source- tradingview

MKR coin price fell more than 12% before taking a push back up from the support trendline. The red candlesticks formed with the long tails, in the daily timeframe, indicate higher buying pressure near the support trendline. The coin price is moving up with higher highs which might increase the possibility of the breakout. The increasing buying volume with long, long tails does imply that bulls are more powerful. The live Maker price today is $4,336.22 with a 24-hour trading volume of $302,776,939. Maker is up 2.70% in the last 24 hours. The live market capitalization of the coin is $4,315,570,142.

Breakout expected soon, if all goes well 

Source – tradingview

MKR coin price has been resonating inside an ascending triangle and trading above the major 50 EMA. Along with the pattern, the coin price has given a breakout of the $0.27 level. The coin price is accompanied by a decent volume range indicating a large group of traders/investors.

The ascending triangle trend is intact and has pushed the price back up for quite some time now. The coin price has been facing resistance from the $4679 level as it is an important immediate resistance level. Breakout of this resistance level might boost the price another 30-35% up. The support level of $3254 is the immediate support level.

As per the 4-hour timeframe, the coin price is trading above the 50 (red) and 200 (blue) EMA, indicating an uptrend, and the coin price driving back down might yet again be provided support from the 50 EMA.

The RSI (slightly bullish ) indicates slight bearish momentum while trading at 53. The RSI line is dipped and is now heading back to the overbought zone, but slight bullishness can be expected from RSI until it reaches its slight bullishness.

The ADX indicates a stagnant momentum as it trades at 10.4 while the slope in ADX is moving sideways.

Conclusion : 

MKR coin price is resonating inside an ascending triangle pattern, suggesting an uptrend after the successful breakout. The trendline of the ascending triangle is intact and might boost the price up after successful breakout completion. The increase in selling volume is faced with long-tail candlestick indicating the increased control of bulls in the market, increasing the volatility, and changing the trend’s course. Hence, early traders must be careful.

Support- $3254 and major EMAs

Resistance- $4679