Maker(MKR)/USDT Technical Analysis: 12 January 2022

Maker had a bombastic beginning with the 2021 yearly trade where the price rallied from just $500 to as high as $6300 quickly. However the May crash dragged the price down by nearly 65% which slashed the price below $2000. However, it tried to maintain a notable upward trajectory but only could hit levels just above $4000, that also for some moments. Currently, the price is drawing in the same deep well and showing no signs of any rebound. 

Maker(MKR)/USDT Technical Analysis at a Glance

Just before the end of 2021, the MKR price plunged heavily, losing nearly 16% to 18% of its value. No doubt the asset utilized every resource to recover its loss, yet the bears again dragged the price to its lowest levels since the last 6 months. The trading volume remains squeezed and the majority of it has been taken over by the bears. Therefore one cannot expect any drastic change in the trend in the coming days. 

Maker(MKR) Technical Indicators & Pivot Levels

Technical Indicators

Pivot Levels

Summary

The long-term and short-term forecasts for the Maker price are extremely bearish as most of the indicators point out towards a Sell signal. While the StochRSI remains oversold and Sell in the long & short term pointing towards the price reaching the extreme of its recent readings. Besides, William’s range is also quite bearish and indicates that the price is swinging within the lower ranges. 

On the other hand, the Bull-Bear power which tracks the market sentiments is also completely bearish and overpowered by the bears in the long term. Yet in the short term, the indicator points out a possible upward trend as bulls still retain their power. Also, the Average True Value(ATR) points out the drop in volatility which may result in a notable consolidation or a slow trend. Additionally, the Ultimate Oscillator which takes the average of 3 MA’s to eliminate the false divergences, is bearish in the long term, but a little bullish in short term.

Coming to the pivotal levels, the MKR price just rejected the crucial 50-day MA levels and plunged in the long term, signifying a bearish trend. However, the resistance levels remain a little distinct and hence a strong influx of volume may only assist the price to reject the current bearish trend. Moreover, both the MA in both short & long term are currently crucial resistance to achieve and hence it the price continues to go lower, no strong support levels are present to hold it so that it could attempt a flip. As the immediate support levels are pretty weak which may not hold the price if it visits. 

Maker(MKR)/USDT Technical Analysis for the Week

Maker price until the last few days of 2022 did attempt to rise beyond $3000 but before reaching these levels began to slide within the descending channel. The price attempted to break the channel and rise above but faced a strong rejection a couple of times. Currently, the downtrend appears pretty strong which may not accommodate any flip in the next couple of days. However, the bulls and whales tend to change the market trend, and hence only if they enter, one can expect some positive signs with the MKR price.

Source: Tradingview Date: 12-01-2022 Time: 11:50am

• The MKR price is sliding down within a descending channel much before the beginning of 2022 and also failed to slice through the upper resistance levels
• Currently, after slashing down heavily, the MKR price is trending within the lower bands of the channel and unable to surpass the middle levels
• The price needs to pierce through the 0.5 FIB levels at the earliest to prevent further losses, else finding no strong support it may even lose the 4-digit figure too.
• However, to come out of the descending consolidation, the price needs to clear the 0.6 FIB levels and range towards 1 FIB level. 

Maker(MKR)/USDT Technical Analysis for Today: 12 January 2022

Maker price after the drastic slash on 06 January 2022 and continued to trend within small braces, but pointing towards the south. Currently, the price is about to range above the middle bands of the channel and as the volume is very low, still it is unclear whether the price will make it or break it. And hence an upcoming couple of hours is pretty crucial as if the price makes it above middle bands, then it may attempt to break the depleting trend. 

The MKR price is currently $2070.35 with a jump of nearly 3% compared to the previous trading day. The trading volume fell drastically by more than 22%, plunging below $100 million, recording just $60 million. While the market cap is attempting to surge with just a 2% spike, registering above $2 billion. 

Where & How to Buy MakerDAO(MKR)

The best place where you can find the best deals to buy Maker(MKR) is CoinDCX. We are the leading cryptocurrency exchange in India with a massive user base of more than 7.5 million. Also, we are India’s first crypto unicorn, aiming to glorify the crypto space in the country. Here you get an opportunity to trade easily with many other benefits. 

To register and begin is very simple, just download the CoinDCX mobile App on your smartphone and follow the simple steps ahead. With the beginning of the new year 2022, CoinDCX brings you a new updated version of the App called ‘CoinDCX Pro’ which offers advanced features at a single touch. Therefore download the App now and begin your hassle-free trade journey with CoinDCX.

Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.