Maker retested and flipped its first pivot resistance on Tuesday. The move was a result of several cryptocurrencies picking up momentum, which translates to better price performance. Since flipping this level, the token remained above it to ward off several attacks.
One such attempt took place during the previous intraday session. However, it failed to yield results as it found support and rebounded. We are also seeing a build-up to another test at the time of writing.
It is safe to say that the once-tough resistance is now a strong positive barrier. The question on everyone’s mind is will it flip?
Maker Sees Massive Selling Congestion
On several occasions, we observed that correction seems to halt at $830. One such was on Tuesday when the asset peaked at $884 but retraced to a close at $845. Nonetheless, before the peak, the price lingered around the highlighted level.
During the previous intraday session, MKR briefly flipped $830 as it saw a low of $820. A closer at price action on the 4-hour chart affirms the claim of massive selling congestion at $830.
The most recent phenomenon (selling congestion) is currently playing to the advantage of the bulls. It remains to be seen how long before it flips. The indicators may offer a valuable explanation.
MKR Flips 50-day MA
Several indicators are currently bullish. One such is the Moving Average. The asset flipped the 50-day MA on Monday as it saw notable increases that saw it close with gains exceeding 7%. Aside from this metric, the Moving Average Convergence Divergence is also positive.
For the first time since August, both EMAs associated with the metric is above 0. The 12-day, as well as the 26-day, are on an uptrend with no signs of dipping. However, the Relative Strength Index is a source of concern.
it peaked at 68 and threatened to break out above 70. It is evident that the corrections over the last 48 hours are to prevent MKR from becoming overbought. As of the time of writing, it is at 64 and may go down or surge. Let’s see how prices react in the coming days.
Other cryptocurrencies are also making moves. One such is Trust Wallet Token. It is the second biggest gainer in the top 100 and is up by more than 8%. Traders are also expecting massive price increases from the project.
In the late hours of Wednesday, Google Cloud açıkladı a partnership with Near Protocol to advance Web3. Unfortunately, prices are yet to show any volatility
Kriptolarınız en iyi güvenliği hak ediyor. bir Sadece 79$'a Ledger donanım cüzdanı!
Source: https://coinfomania.com/maker-price-analysis-mkr-sees-massive-selling-congestion-at-830-as-near-fail-to-excite/