- The MKR price closed the previous day’s trade at INR 1,89,050 with a market capitalization of INR 223 Cr and a circulating supply of 9,77,631.04 MKR
- The price is expected to squeeze out a little until it reaches the lower support at INR 180721.91 and quickly undertakes a massive rebound to maintain a substantial uptrend
Maker(MKR) Technical-Analysis for Today: 05 April 2022
The recent spike is an outcome of a healthy consolidation since the beginning of the current month. However, the asset is undergoing a significant pullback after getting rejected at the upper resistance. And hence if the plunge gets intensified, then the asset may revisit INR 181023.61 by the end of the day’s trade. However, a strong flip may be ignited which could prevent the price from dropping beyond these levels.
Maker(MKR) Technical Analysis at a Glance
The MKR price consolidated healthily during the last few days of March and quickly jumped into action at the beginning of April. The price constantly flipped from the immediate support and for a couple of days, it maintained a steep surge beyond INR 184040.67. Woefully, the asset is experiencing a slight pullback which may be a temporary one. Further, the price could continue with the uptrend and later again end up plunging hard.
|Short-Term||The price has surged high and currently experiencing a slight pullback as the buyers appear to be a little exhausted|
|Mid-Term||A notable buying volume has already mounted up that may prevent the price from plunging drastically in case of a price drain|
|Long-Term||The MKR price is displaying huge bullish momentum and may continue to maintain a similar pace to surpass INR 188566.26 at the earliest|
Technical Indicators & Pivot Levels
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||58.14 / 70.71||Buy / Buy|
|MACD(12,26)||36.41 / 118.90||Buy / Buy|
|Average Directional Index(ADX)||50.09 / 36.84||Buy / Buy|
|Bull-Bear Power||12.36 / 466.00||Buy / Buy|
|Moving Average(MA)-50||INR 176313.98||INR 147955.88|
|Moving Average(MA)-200||INR 167342.75||INR 177157.25|
|Resistance||INR 189773.09||INR 197391.16|
|Support||INR 168653.66||INR 146478.27|
|Average True Range(ATR)||46.48||157.61|
The MKR price is bullish in both the time frames with significant strength in its rally with pretty less volatility in the short term. The RSI in both the time frames is ranging high with a significant buying volume mounting. Currently, the MKR price is very close to the resistance in STF, and once done the long-term resistance may be imminent. The rally has surpassed the 50-day & 200-day MA levels and seems to be extremely bullish.
Additional Read: Maker Price Prediction
MKR /INR Technical-Analysis for Short-Term
- The MKR price ignited a notable upswing since the beginning of the present trading month and continued to range high nullifying the selling impact
- After testing the upper resistance the price is experiencing a significant pullback which may hit the lower support soon
- Despite a flip towards the upper resistance, the price appears to be primed to hit the lower support as the price is swinging within a rising wedge
- The buyers tend to get exhausted and this is when the price may bottom after reaching the apex of the wedge.
MKR/INR Technical Analysis for Long-Term
- In the larger-time frame, the MKR price is extremely bullish as it is on the verge to slice through the descending triangle
- The asset may either slice through the declining resistance and reach the upper target or either slide down a little to hover within the triangle for another week
- However, a breakout from the apex of the triangle appears imminent but the asset may continue its narrow trend if it intends to reach the apex of the triangle
- In each phase of a price, the lower support at INR 143310.36 in a higher time frame may be sustained strongly.
Additional Read: Top Crypto News Today, 05 April 2022.
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