MKR Doesn’t Leave the Market
Mark price (MRK) has fallen by 1.14% in the last 24 hours. MKR has fallen for two days in a row, dragging the price down to $515.43. It is difficult for bulls to overcome a bearish trend, but bears are more difficult.
The price of the bearer is clearly holding the bear head as the price fell to an intraday low of $514 before finding support. The manufacturer’s price decreased by 1.14% at the time of writing, falling to $515.43.
Market value and 24-hour trading volume fell during the crash, falling 1.07% and 7.49%, respectively, to $503,838,152 and $503,858,279. These reductions added to the negative sentiment in the MKR market.
The bulging Bollinger Bands on the price chart, with the upper band approaching $527 and the lower band touching $511.83, shows that the sale is still buying in the MKR market. In the short term, these levels act as quick support and stop levels.
The price of MKR appears to be improving and entering a support phase after falling for the past two days. A multi-day decline has seen the price of MKR fall from a high of $556 to trade at its current level of $515. Significantly, after establishing strong support near $516, bears took over the MKR market and pushed the price lower in the last 24 hours. When the short-term moving average falls below the long-term moving average, a bearish crossover will occur soon.
This theory is supported by the fact that the 20-day average is 516 and the 50-day average is 520. Also, the current market price is below two MAs, which indicates that further decline is expected in the price of the symbol.
The $513 support level could be breached if the decline continues. On the positive side, if MKR can overcome the strong resistance of $543, its price can rise quickly. On the other hand, the loss can increase and probably get closer to the previous end of the coin at $510 if it breaks above the $513 support level. The bear has been in control for the past four hours which has brought him down.
The Bears have won the Producer Price again, showing that they may be in control in the short term. This comes after a failed attempt to break the 9-day EMA line, which appears as a critical resistance level in this bear market.
The bulls need to push the price higher and protect the stoppage level if they want to change the reign of the bear and change the bottom line of the current market.