Maker Price Prediction for Today, August 22: MKR Technical Analysis

On Aug 22, 2023

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The Maker price prediction reveals that MKR may likely approach a crucial support level as the bears step into the market.

Maker Prediction Statistics Data:

Maker price now – $1093
Maker market cap – $1 billion
Maker circulating supply – 977.6 million
Maker total supply – 977.6 million
Maker Coinmarketcap ranking – #42

MKR/USD Market

Key Levels:

Resistance levels: $1400, $1500, $1600

Support levels: $800, $700, $600

MKRUSD – Daily Chart

At the time of writing, MKR/USD is hovering at $1093 following a 0.02% loss after touching the $1118 level. The Maker price has not seen any major pullbacks yet and may use the trend line of the channel for support if it happens. However, the most important signal for Maker is the break of $1250, which represented a major resistance level. Therefore, should the bulls stay above this level, they may confirm a new uptrend.

Maker Price Prediction: Will MKR Break $1200 or Reverse?

As the Maker price keeps hovering below the 9-day and 21-day moving averages, the daily low at $1091 may begin to give the buyers sleepless nights. However, a break below the support level of $1000 could most likely give MKR/USD a fall below the lower boundary of the channel, which could touch the critical supports at $800, $700, and $600.

Nevertheless, the Relative Strength Index (14) may confirm the bearish movement if the signal line slides below 40-level. However, until the market finds a stable level to reinforce the uptrend, MKR/USD could follow the downtrend. Otherwise, the resistance level might be at $1200 while other resistance levels are at $1400, $1500, and $1600 respectively.

MKR/BTC May Continue to Range

Against the BTC, the Maker price is ranging at the time of writing. However, if the price falls, sellers are likely to pose an additional threat to buyers which could slump below the lower boundary of the channel where the nearest target is located. Meanwhile, an eventual break below this barrier may cause the coin to collapse.

Maker Price Prediction for Today, August 22: MKR Technical Analysis — MKRBTC – Daily Chart

On that note, a continuation of the downtrend could touch the critical support at 3500 SAT and below as the Relative Strength Index (14) remains below the 60-level. Therefore, if the price rebounds above the 9-day moving average, the buyers may resume back and push the market to the potential resistance at 5000 SAT and above.

Maker Alternatives

In the last few days, the Maker price has been facing the south as the coin keeps hovering below the 9-day and 21-day moving averages. At the time of writing, the bears may increase the pressure and the Maker (MKR) could slide toward the lower boundary of the channel to create a new low.

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