Facing a tough rejection late last month, MKR resumed bearish and registered over 30% loss in the past week. However, it has managed to stay above $1.2k for two days but there’s no assurance if it will hold.
Last month collapse to exactly $778 marked MKR lowest price level in almost a year. Though it initiated a retracement following previous bounce patterns and the price increased for three weeks. The $1,800 level posed a threat and the retracement halted in the late month.
That led to a drop, and the crypto entered this month on a bearish note. It found support above $1,200 on Friday and increased to around $1,336 after failing to push above $1,388 this morning. The price currently looks weak.
Holding well above this support level could fuel a new bullish move on a daily. Such a move could lead to a trend shift. Otherwise, the we may see an extension in the bearish move with a potential breakdown.
Following MKR bearish movement from the peak level of $4,088 in April 2024, it is down by more than 60% at the time of writing. A continuous decline would result in a more loss on the yearly scale.
Maker’s Key Levels To Watch
Towards the upside, it must reclaim the $1,505 and $1,789 resistance levels before considering an upward movement. A flip through these levels will signal a slight shift before tapping the $2,155 resistance.
The latest increase is supported by $1,214. A break below this level should signal a continuation bearish move to the $1,035 and $870 levels. Losing last month’s $778 low will confirm a bearish extension.
Key Resistance Levels: $1,505, $1,789, $2,155
Key Support Levels: $1,214, $1,035, $870
- Spot Price: $1,336
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.