Maker Price Analysis – MKR/USD
The 20th largest cryptocurrency, Maker with the current market cap stands at the level of $304,233,663 on December 05, 04:38 UTC has perforated in current value by 38.8% compared to the level of November 07 as precisely analyzed from the graph above. With this, the current value traded below EMA representing the ‘downtrend’ and may create ‘uptrend’ to the extent that the current value traded above $456. Since EMA has declined steeply representing a negative sign. With this, the falling 20-day EMA shows that the bears have the upper hand. With this, the MKR/USD pair remains in a bearish trend in its medium-term outlook.
Let us not forget that the strong bearish pressure successful dropped the current value in the demand area making it the lowest low of the day before exhaustion set in. Amid the entire scenario, if we analyze the MKR/USD pair, it remained range bound from September 12 to October 08 this year where this cryptocurrency rallied from a low of $304 to a high of $790 which is a 159 percent return within 26 days. Since then it experienced fluctuated trends till date. However, those that are more inclined to invest for the long-term perspective, the current value significantly represent the best opportunity.
Also note that after the MKR stayed in the range of $600-$700 for almost mid-October to mid-November, for 30 days, and since then the bears broke below it by breaking break-down the erstwhile supported level. However, if the bulls succeed in rising and sustaining above the current resistance $427, the uptrend may likely if and when traded above $450. Based on the current scenario, the next support level can be estimated at $430.