Maker (MKRUSD) Rallies to the March 5 Resistance Level
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The Maker bull market took off from the $700 support level on February 26, and for the next four days, the buying pressure increased, causing the price to skyrocket, reaching the $960 price level. The bear market was triggered at this level as traders began to take their profits. The price bounced at the $860 support level, and yet again, massive buying pushed the price to the key resistance level. Much more traders became willing to short their positions at this price level, and this resulted in massive selling that almost brought the market back to its key support level. However, the bulls were able to secure a higher support level, which is $722, and from here, the bull market bounces back.
MKR/USD Price Statistics
- MKR/USD price now: $939
- MKR/USD market cap: $918,851,957
- MKR/USD circulating supply: 977,631MKR
- MKR/USD total supply: 977,631
- MKR/USD coin market cap rank: #54
Key Levels
- Resistance: $1000, $1100, and $1200
- Support: $700, $600, and $500
Price Prediction Maker: The Indicators’ Point of View
The Maker market has had an exciting month so far in March as the price of the market pumps impressively. However, the aggressive bull market triggers a significant response from the bear market, thereby creating a volatile situation in the market. The two standard deviation curves of the Bollinger Bands indicator are very divergent, illustrating the distance between the support level and the resistance. But the price channel is slightly trending to the upside. The pressure is now on the bears, but the bears are also formidable. The candlestick representing today’s market is a spinning top candlestick, which signifies a deadlock in the market. The bearish resistance will likely give way to the bull market, even though the struggle tenses up.
MKR/USD 4-Hour Chart Outlook
The price rallies as the bulls attempt to reclaim the $960 price level. However, as they near the key resistance level, the buying momentum reduces as traders begin to feel undecided about which side of the market to take. If the indecision continues, a new support level may be established above the $900 price level. This will give the bulls the chance to break the bearish resistance.
