MKR Technical Analysis Report | 20th-April-2023

In early 2023, the MKR token started moving higher. But once it hit its key resistance, the price started consolidating within the range of its key support and resistance levels. After the price hit the secondary resistance of $970.83, the sellers were able to push the MKR price below its main resistance level. The price action suggests that it is attempting to break out of its consolidation with the help of active buyers in the market. The sudden spike in trading volume shows positive market sentiment towards the MKR token. The global volume for the token has increased by almost 58% over the day.

At the time of writing, MKR  was trading at $715.

MKR Daily Chart | 20th April 2023
MKR Chart

MKR made a ‘Bullish Engulfing’ pattern at the low of $502 and rallied almost by 95% up to $980. The asset faced multiple resistances at the key level of $980 (Horizontal Trendline) and witnessed a sharp correction. Post this move, MKR started trading in a range from $650 to $710. It gave a breakout above the range last week and rallied up to $820. However, the bulls failed to manage their grip on the asset as the prices dropped to $705. MKR has a strong support at $710, if it holds and sustains above the support then we can expect the bulls to resume the up-move.

  Support 2Support 1AssetResistance 1Resistance 2

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

ZebPay Weekly

Subscribe for latest crypto news & stay updated!

    Start Trading Now