MKR Loses Mainstream Support

Crypto News- In the last 24 hours, Maker (MKR) has experienced a notable correction, witnessing a 7.45% decline, which has brought its current price to $1,448.66, as reported by CoinMarketCap. Over the past fortnight, MKR has been consolidating within a price range spanning from $1,385 to $1,488. During this time, MKR made several attempts to break out of this sideways trading pattern, most notably on September 27, 2023, when it briefly surged by more than 5%, momentarily breaching the $1,488 mark.

MKR Loses Mainstream Support

Subsequently, in the following day, MKR aimed to convert the resistance level at $1,605 into a support level but encountered resistance itself. This led to a retreat back into the current sideways trend. This shift created sustained selling pressure, ultimately causing MKR to fall below the critical support at $1,385 on October 9, 2023. After some fluctuation around this pivotal level, a multi-day positive sequence commenced on October 19, 2023, propelling MKR once again above the $1,488 mark.

In recent times, MKR made two attempts to retest the $1,605 resistance within the last 48 hours, but sellers effectively defended this barrier, resulting in a retracement of MKR’s price back into the medium-term price channel over the past day.

Analyzing the technical indicators on MKR’s daily chart, it suggests the possibility of a further decline within the next 24-48 hours. Particularly noteworthy is the convergence of the daily MACD line with the daily MACD Signal line. If these two indicators cross, it could signify a continuation of MKR’s bearish trend in the short term. Additionally, the daily RSI line recently dipped below the RSI SMA line, potentially indicating a shift in favor of sellers in MKR’s daily chart.