- MKR/USD market still possesses the features of keeping its range price movements till the next trading sessions in the week.
- The bulls are seemingly getting weak in the market, and a bullish trap could come up if the market moves weakly above $800 horizontal line afterward.
MKR/USD Long-term Trend – Ranging
- Distribution territories: $900, $1000, $1100
- Accumulation territories: $500, $400, $300
Neither Maker nor the US dollar has been able to nudge the market into a definite direction away from the last week’s range mark at $700 horizontal line. Unlike the previous week’s trading sessions, the pair managed to hover near a high point at $800.
Presently, the price has tightly continued to flutter along with the trend-line of the 14-day SMA indicator a bit over the $700 price line. The 50-day SMA has situated almost in-between the $700 and $600 price territories. The Stochastic Oscillators now consolidate a bit over range 60. That shows a clear indication that the market’s present range moving manner is still on-going.
In the long run of this crypto-market, three major price lines are now in play. And, they are $800, $700 and $600 price points. Within those points, the MKR/USD market is still poised to chopping around them in the next trading sessions. However, the market seems heading towards a strong trading zone to the north where the bulls may be easily trapped.
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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