MAKER PRICE ANALYSIS & PREDICTION (March 17) – MKR Signals a Fresh Increase Above $1k, Potential Shift Ahead
Following several ups and downs in the past month, MKR found support this week and is now showing signs of strength due to a 7% increase in the last 24 hours. It signals a shift but is unclear at the moment.
Last month saw MKR through a notable increase after dropping straight for three months, although the increase was quickly short-lived under $1.8k and the crypto lost grip. After two weeks of bearishness, it stayed well above $1k this week and traded calmly after multiple rejections.
Holding this psychological level as support, it has shown strength today due to rising demand but still needs to close above well $1.2k to validate a bullish move. If that happens, we can expect a major rally in the next few days. A rally above the previous monthly high should trigger a shift.
In the opposite direction, the trend is still considered bearish on the daily chart. A dip below the mentioned psychological level could sustain the bearish momentum until the price breaks lower to a new yearly low.
From a technical standpoint, the trading landscape could change shortly. Considering the money inflow, which shows signs of increasing demand on the daily volume indicator, we can expect a major buy in the next few hours.
MKR’s Key Levels To Watch
Looking ahead, the potential obstacles for the bulls right now are located at the $1,261, $1,389 and $1,544 resistance levels respectively. Passing through them should bring trading back to the previous monthly $1,798 high before making a slight trend shift.
Failure to hold above the $1,035 support could result in a further roll to $875 and the $778 low – tested last month. A new low can be expected if the selling continues.
Key Resistance Levels: $1,261, $1,389, $1,544
Key Support Levels: $1,035, $875, $778
- Spot Price: $1,169
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
