- MKR/USD market now chops around $700, $650, and $600 price territories.
- The MKR/USD bulls have been building a foundation, but it hasn’t had enough strength.
MKR/USD Medium-term Trend: Ranging
- Distribution territories: $750, $800, $850
- Accumulation territories: $500, $450, $400
MKR/USD market has on a small note run into upper range trading zones as compared with the last settings form. Currently, the choppy zones of the crypto market are $700, $650, and $600 territories.
The Bollinger Middle Band and the 50-day SMA indicators now slightly point to the north as the price continues to hover around the Bollinger Upper Band trend-line. The Stochastic Oscillators have briefly crossed the hairs against range 40 towards the north.
The bulls have now started struggling to recover from a downward move that has dominated the MKR/USD market operations in the recent past. All things being equal, a breakdown of price line at $550 could cause invalidation of seeing upward swings in this crypto market.
MKR/USD Short-term Trend: Ranging
There has been a wide range of price movements in the market operations of MKR/USD in the short-term run today. The ranging trend of the crypto-market also features erratic price movements in the trading pattern.
The Bollinger Bands are now widely opened with the 50-day SMA and the Bollinger Middle Band closely located within. The Stochastic Oscillators have crossed the hairs at range 40 pointing towards the north direction.
The MKR/USD market has seemed to start a recovery set-up. However, the foundation hasn’t had enough strength as it has to encounter rejections around the trend-line of Bollinger Upper Band.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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