MAKER PRICE ANALYSIS & PREDICTION (February 18) MKR Retraces Higher But May Resume Bearish if This Minor Resistance Holds
During the current meltdown, MKR advanced retracement and continued showing strength. It appeared very strong today but is now facing resistance. A rejection there could trigger a fresh selling phase.
The general market outlook remains bearish in the mid-term, but MKR is currently under a retracement as it posted a substantial gain in the past hours. This retracement came after testing $778 in the early month crash.
It is looking for a key retest level to initiate another drop. As we can see, the price is currently facing resistance. A notable surge above the current trading level could bring the price above the $1,200 level.
Failure to push higher could end the retracement phase. Such a setup could trigger a fresh drop for another lower-low movement. A stronghold above the monthly low could bring back buying pressure.
While this weeks surge is characterized by a strong bullish candle, we can expect a major recovery before resuming a bearish impulsive move. As the demand for MKR increases, we can expect more surges until the price reaches an exhaustion point. While the bears are taking a break, it leads the top gainers chart today with an 11% surge in the last 24 hours.
Makers Key Levels To Watch
Source: Tradingview
Pushing above the current trading level, the close resistance for a test is $1,275. The higher level to watch for a retracement is $1,477, followed by the $1,636 level. A continuous push could lead to a trend reversal.
The latest surge is currently supported by $980. If the bears show up again with a drop below this price level, the market may roll back to $875 and $778. A dip below it will confirm the expansion of the bearish move.
Key Resistance Levels: $1,275, $1,477, $1,636
Key Support Levels: $980, $875, $778
- Spot Price: $1,120
- Trend: Bearish
- Volatility: High
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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