MKRUSD may retest $693 level
MKRUSD Price Analysis – October 07
An increase in MKRUSD (Maker) price depend on the buyers’ momentum in which when increased may break up the resistance level of $879, and the price may increase to $926 and $977 resistance levels.
MKR/USD Market
Key levels:
Resistance levels: $879, $926, $977
Support levels: $783, $696, $591
MKRUSD Long-term trend: Bullish
On the long-term outlook, MKRUSD is bullish. The bearish trend that commenced at the resistance level of $826 landed the price at the support level of $591. The former support levels of $977, $926 and $879 have turned to resistance levels. On September 22, a bullish engulfing candle formed which triggered a bullish trend. The resistance levels of $696 and $783 was penetrated upside. The coin is exposes to $879 level at the moment.
Buyers have successfully placed the coin above the two dynamic resistance levels. The trading of Maker (MKR) above 21 periods EMA and the 9 periods EMA may continue. An increase in MKR (Maker) price depend on the buyers’ momentum in which when increased may break up the resistance level of $879, and the price may increase to $926 and $977 resistance levels. However, the relative strength index period 14 is at 67 levels and the signal lines pointing upside to indicate an increase in Maker price.
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MKRUSD medium-term Trend: Bullish
MKRUSD is bullish on the medium-term outlook. The crypto found support at $591 level. The sellers’ pressure failed. The price bounced up and steadily increases as the buyers’ pressure increase. It penetrated $783 resistance level and tested $879 level. It is ranging within $879 and $738 levels at the moment.
The currency is trading above the 21 periods EMA and 9 periods EMA to indicate that the Bulls are in control of the MKR market. The relative strength index period 14 is at 59 levels and the signal lines pointing up to indicate buy signal.
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