Maker, at the time of penning down this analysis was trading at $621.71 slightly above $620 and holds complete support from SMA50 & SMA200. The price trend of MKR/USD is already near to hitting the upper 20-day Bollinger Band with intraday gush of momentum.
MKR is one of the top 30 cryptos of the global market is quite a volatile crypto and is ranked on 27th position holding a notable market cap of around $620 million. It Was just towards the end of the previous month when MKR was listed on the global cryptocurrency exchange—Binance. This has eventually led to mass adoption of the token.
Maker Price Analysis
Maker, after hitting a bullish candlewick slightly above $730 price area at $731 plummeted as low as $159 during the massive sell-off in March. It was at the onset of the ongoing year when MKR token reclaimed an approximately 3-month high.
However, after trading sideways after the massive market crash, MKR price strengthened to rise above 38.20% Fib Retracement level in the last week of May 2020 with a steep growth straight above 61.80% Fib i.e. beyond $513 price area. This first steep surge marked an approximate rise of over 200% in just 8 weeks from the YTD low.
With yet another steep spike in price of Maker, the price trend of the token hit a double top around $731 price area at the onset of June 2020. In this regard the coin appears to have face a stringent resistance at $731 but is trading notably above 61.80% Fib. The token is retaining support from SMA50 & SMA200 at $502 and $448 on a 24-hour chart.
The MACD line is appearing to intersect with the signal line after a bullish divergence due to intraday corrections and pullback. However, the RSI reflects increased demand of the token as it lies at 66.55, inclined towards the overbought region.