Maker, at the time of penning down this analysis, was trading at $669.61 after testing daily supports below 50.0% Fib retracement level, and with an intraday gain, MKR/USD is now above 50.0% Fib. Maker is one of the top 50 cryptos of the market and is seen trading reasonably well.
However, the pullback below the YTD high of $851 and the current trading price has led to a notable correction of 21% in approximately two weeks. Maker, in the last week of the previous month, was seen strengthening until the gradual dip below $700 before the mid of the ongoing month.
Maker Price Analysis
Maker, over the past two months, has been showing a moderate gush of momentum, but in the current month, it pulled back and fell under the bearish radar against the US Dollar. After a gradual pull back from the recent YTD high, the coin is seen swaying between a trading range of $595 and $700, while trades midway currently.
Since the Maker is trading inclined towards the upper limit of the stated trading range, it is now holding support from MA50 & MA100 at $655 and $635, respectively. With a recent bullish crossover, it beaches the upper Bollinger Band.
The MKR price is above 50.0% Fib level, and if it elevates to teste the nearest resistance at $700, it will rise above 38.20% Fib too. The MACD draws a bullish divergence due to recent strengthening, and the RSI is currently lying at 57.04 with no trading extremities.