Following a sudden surge to a key resistance yesterday, MKR faced a rejection and wicked down. This led to a major loss in the past hours and is now showing signs of weakness on the day as selling resumes.
This month, MKR witnessed a little setback after signaling bullish last month. The setback caused serious panic on Monday, but the $1k level held well, and the price recovered. That led the bulls back in the market.
After staying calm throughout Tuesday, it initiated a surge yesterday and exploded massively to $1.8k. This came after Bitcoin retook a key level, but the crypto eventually lost buzz and it wicked down to around $1.4k.
Yesterday’s long-candle wick indicates a strong interception from the bears’ side, and as it stands, they appeared to be gaining control on the hourly chart. Posting a roughly 6% loss today, the price currently looks weak. There’s still hope for the bulls if they defend the monthly low.
A continuous daily loss could lead to another fresh leg down. The February low is considered a key obstacle for the bears. If they fail to scale through it, MKR may regain momentum after undergoing a brief consolidation phase. While the next major move looks dicey, it is vital to note that MKR’s outlook remains bearish on the long-term scale.
MKR’s Key Levels To Watch
Source: Tradingview
There’s a minor support level at $1,200 on the way down. If this support flips, the next key level to watch for a drop is $1,035, followed by $875.
Resuming buying, the immediate resistance level to keep in mind is $1,495, along with the key $1,600 level. An increase above the wicked $1,798 level should set the market up for a huge rally into the $2,000 region.
Key Resistance Levels: $1,495, $1,600, $1,798
Key Support Levels: $1,200, $1,035, $875
- Spot Price: $1,322
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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