Maker had a bombastic beginning with the 2021 yearly trade where the price rallied from just $500 to as high as $6300 quickly. However the May crash dragged the price down by nearly 65% which slashed the price below $2000. However, it tried to maintain a notable upward trajectory but only could hit levels just above $4000, that also for some moments. Currently, the price is drawing in the same deep well and showing no signs of any rebound.
Maker(MKR)/USDT Technical Analysis at a Glance
Just before the end of 2021, the MKR price plunged heavily, losing nearly 16% to 18% of its value. No doubt the asset utilized every resource to recover its loss, yet the bears again dragged the price to its lowest levels since the last 6 months. The trading volume remains squeezed and the majority of it has been taken over by the bears. Therefore one cannot expect any drastic change in the trend in the coming days.
| Short-Term | The price is constantly forming lower lows within the depleting channel and may continue to do so until a major trend reversal is witnessed |
| Mid-Term | MKR price’s recent attempt to surge beyond the resistance may be soon dragged down by the bears & price feared to plunge below $2000 |
| Long-Term | The long-term forecast is pretty bearish that may drag the price too much lower levels in the upcoming days |
Maker(MKR) Technical Indicators & Pivot Levels
Technical Indicators
| Technical Indicators | Value(1Hr / 1D) | Action (1Hr/1D) |
| StochasticRSI(StochRSI)(14) | 11.02 / 30.5 | Oversold / Sell |
| Williams Percentage Range | -59.6 / -81 | Sell / Oversold |
| Bull-Bear Power | 3.4 / -257 | Buy / Sell |
| Average True Value(ATR) | 19.9 / 175.3 | Less Votality / Less Votality |
| Ultimate Oscillator | 53.9 / 42.3 | Buy / Sell |
Pivot Levels
| Pivot Levels | Short-Term | Long-Term |
| Moving Average(MA)-50 | $2044 | $2541 |
| Moving Average(MA)-200 | $2197 | $2779 |
| Resistance | $2169 | $2615 |
| Support | $1995 | $1644 |
Summary
The long-term and short-term forecasts for the Maker price are extremely bearish as most of the indicators point out towards a Sell signal. While the StochRSI remains oversold and Sell in the long & short term pointing towards the price reaching the extreme of its recent readings. Besides, William’s range is also quite bearish and indicates that the price is swinging within the lower ranges.
On the other hand, the Bull-Bear power which tracks the market sentiments is also completely bearish and overpowered by the bears in the long term. Yet in the short term, the indicator points out a possible upward trend as bulls still retain their power. Also, the Average True Value(ATR) points out the drop in volatility which may result in a notable consolidation or a slow trend. Additionally, the Ultimate Oscillator which takes the average of 3 MA’s to eliminate the false divergences, is bearish in the long term, but a little bullish in short term.
Coming to the pivotal levels, the MKR price just rejected the crucial 50-day MA levels and plunged in the long term, signifying a bearish trend. However, the resistance levels remain a little distinct and hence a strong influx of volume may only assist the price to reject the current bearish trend. Moreover, both the MA in both short & long term are currently crucial resistance to achieve and hence it the price continues to go lower, no strong support levels are present to hold it so that it could attempt a flip. As the immediate support levels are pretty weak which may not hold the price if it visits.
Maker(MKR)/USDT Technical Analysis for the Week
Maker price until the last few days of 2022 did attempt to rise beyond $3000 but before reaching these levels began to slide within the descending channel. The price attempted to break the channel and rise above but faced a strong rejection a couple of times. Currently, the downtrend appears pretty strong which may not accommodate any flip in the next couple of days. However, the bulls and whales tend to change the market trend, and hence only if they enter, one can expect some positive signs with the MKR price.
Source: Tradingview Date: 12-01-2022 Time: 11:50am
- The MKR price is sliding down within a descending channel much before the beginning of 2022 and also failed to slice through the upper resistance levels
- Currently, after slashing down heavily, the MKR price is trending within the lower bands of the channel and unable to surpass the middle levels
- The price needs to pierce through the 0.5 FIB levels at the earliest to prevent further losses, else finding no strong support it may even lose the 4-digit figure too.
- However, to come out of the descending consolidation, the price needs to clear the 0.6 FIB levels and range towards 1 FIB level.
Maker(MKR)/USDT Technical Analysis for Today: 12 January 2022
Maker price after the drastic slash on 06 January 2022 and continued to trend within small braces, but pointing towards the south. Currently, the price is about to range above the middle bands of the channel and as the volume is very low, still it is unclear whether the price will make it or break it. And hence an upcoming couple of hours is pretty crucial as if the price makes it above middle bands, then it may attempt to break the depleting trend.
The MKR price is currently $2070.35 with a jump of nearly 3% compared to the previous trading day. The trading volume fell drastically by more than 22%, plunging below $100 million, recording just $60 million. While the market cap is attempting to surge with just a 2% spike, registering above $2 billion.
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