Maker (MKR) Technical Analysis: MKR Price Aims to Hit INR 2,00,000 This Month!

KEY TAKEAWAYS

• The MKR price closed the previous day’s trade at INR 1,89,050 with a market capitalization of INR 223 Cr and a circulating supply of 9,77,631.04 MKR 
• The price is expected to squeeze out a little until it reaches the lower support at INR 180721.91 and quickly undertakes a massive rebound to maintain a substantial uptrend. (all data as of 4th April’22)

MAKER(MKR) TECHNICAL ANALYSIS AT A GLANCE

The MKR price consolidated healthily during the last few days of March and quickly jumped into action at the beginning of April. The price constantly flipped from the immediate support and for a couple of days, it maintained a steep surge beyond INR 184040.67. Woefully, the asset is experiencing a slight pullback which may be a temporary one. Further, the price could continue with the uptrend and later again end up plunging hard.

MKR /INR TECHNICAL-ANALYSIS FOR SHORT-TERM

Source: Tradingview

• The MKR price ignited a notable upswing since the beginning of the present trading month and continued to range high nullifying the selling impact
• After testing the upper resistance the price is experiencing a significant pullback which may hit the lower support soon
• Despite a flip towards the upper resistance, the price appears to be primed to hit the lower support as the price is swinging within a rising wedge
• The buyers tend to get exhausted and this is when the price may bottom after reaching the apex of the wedge.

MKR/INR TECHNICAL ANALYSIS FOR LONG-TERM

Source: Tradingview

• In the larger-time frame, the MKR price is extremely bullish as it is on the verge to slice through the descending triangle
• The asset may either slice through the declining resistance and reach the upper target or either slide down a little to hover within the triangle for another week
• However, a breakout from the apex of the triangle appears imminent but the asset may continue its narrow trend if it intends to reach the apex of the triangle
• In each phase of a price, the lower support at INR 143310.36 in a higher time frame may be sustained strongly. ((all data as of 4th April’22)

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Read detailed technical analysis of Maker MKR coin here.

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