Due to a sudden price drop of its competitor Terra(LUNA), the MKR/USDT pair has witnessed a significant inflow as investors are safer with DAI stablecoin. As a result, the altcoin nearly jumped 80% on its intraday level and reached a high of around $2300. However, the sellers didn’t allow such a quick recovery resulting in a long higher price rejection candle.
Key points
- The MKR chart displays a long-tail rejection attached to today’s daily candle
- The MKR price plunged below the crucial EMAs
- The 24-hour trading volume in the Maker coin is $593.5 Million, indicating a 200% gain
Source-Tradingview
Since September 2021 fall, the Maker(MKR) technical chart has presented a steady downtrend responding to a descending trendline. The altcoin offering multiple reversals from this resistance indicates traders are aggressively selling on bullish pullbacks.
Furthermore, the last correction phase has recently breached crucial monthly support of $1680 on April 26th. As a result, the escalated selling momentum slumped the MKR price by 38% and hit the $1000 psychological support level.
Yesterday, the MKR price rebounded from the $1000 mark with a bullish engulfing candle, but it witnessed an even greater buying force today. During the early hours, the coin price reflected 86% growth on an intraday level and retested the overhead trendline.
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However, the MKR price immediately reverted and dropped below $1680. The long-wick rejection attached to daily candles indicates the sellers have not thrown the towel yet.
Thus, a candle closing below $1680 would bolster a revisit to the $100 mark.
Technical indicator
In today’s high volatility, the MKR buyers reclaimed and lost the crucial EMAs(20, 50, 100, and 200). However, a bearish sequence among these EMAs reflects an overall bear market.
A parabolic rally in the daily-ADX slope with an insignificant dip due to today’s price jump indicates strong bullish momentum
- Resistance level- $1680 and $1950
- Support levels- $1000 and $800
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