Maker (MKR) Technical Analysis 2021 for Crypto Traders

Maker (MKR) Technical Analysis 2021 for Crypto Traders

In Maker (MKR) Technical Analysis 2021, we use past statistics, price analysis, RVOL, MA, and much other information about MKR to analyze the future trend of the cryptocurrency. 

Maker Protocol is a decentralized organization and software platform based on the Ethereum blockchain that enables users to issue and manage DAI stablecoins. It is the governance token of Maker Protocol and MakerDAO.

This ecosystem is one of the earliest projects in decentralized Financial (DeFi) Scenarios. The industry aims to develop blockchain-based decentralized financial products with smart contract support, such as Ethereum.

Maker (MKR) Current Market Status

According to CoinGecko, the MKR price is trading at $2206 with a 24-hour trading volume of $72,193,865, at the time of writing. However, MKR has decreased by 4.5% in the last 24 hours. 

In addition, MKR has a circulating supply of 901,310 MKR. Currently, MKR trades in  Binance, OKEx, CoinTiger, Huobi Global, and FTX.

Maker (MKR) Technical Analysis 2021 

Maker (MKR) holds the 45th position on CoinGecko right now. The recent development and upgrades might push MKR to reach new heights. Now, let’s deep dive into the MKR technical analysis 2021. The daily time frame chart of Maker (MKR) is shown below.

MKR/USDT Descending Triangle pattern (Source: Tradingview)

The above chart mentioned the “Descending Triangle pattern”. A descending triangle is a signal that traders take short positions to accelerate the breakout.

In the daily time frame chart,  if the price of the MKR breaks the resistance level of $2905, it will reach the target of $6145. Or else, if the price of the MKR breakout the support level means it will fall to the level at $1808. So, the trend of the MKR is based on the breakout.

Maker (MKR) RSI

The below chart shows the relative strength index (RSI) of MKR. 

MKR RSI (Source: TradingView)

As shown in the below chart, RSI remains at 53. This shows that MKR’s price is in a neither overbought nor oversold state. However, this indicates that traders can trade fearlessly.

Maker (MKR) RVOL

The below chart shows the Relative Volume of MKR. It is an indicator that indicates to traders how the current trading volume has changed over a period of time compared to the previous trading volume.

MKR RVOL(Source: TradingView)

Notably, in the last week of June, it is found that the RVOL observed is stronger. Currently, the RVOL stays below the cutoff line which indicates the weaker participants in the current trend.

Maker (MKR) Moving Average

MKR’s Moving Average (MA) is shown in the chart below. MA supports traders to find trends.

MKR MA (Source: TradingView)

MKR price fell at 50 MA (short-term), but it has not broken through 200 MA. Once it breaks the 200 MA level of MKR, it completely goes to a bearish state.

MKR prices are currently trading around 200MA, so we can expect some reversals at these points.

Maker (MKR) Price Comparison With Bitcoin

The below chart shows the price comparison between MKR and BTC. 

MKR vs BTC Price Comparison chart(Source: TradingView)

The trend of the BTC and MKR is moving at the same level as the trend.

Conclusion

With the ongoing developments and upgrades that are taking place within the MKR platform. Maker has a great future ahead in this crypto market. However, MKR can reach new heights.

Bullish MKR price prediction 2021 is $2905. As mentioned above, it may reach great heights, however reaching $6145, if investors have decided that MKR is a good investment in 2021.

FAQ

What is MKR?

MKR is a decentralized autonomous organization (DAO) based on Ethereum, which enables anyone to lend and borrow cryptocurrencies without credit checks. Its native coin is Maker.

Where can you purchase MKR?

MKR is listed on many cryptocurrency exchanges that include Binance, OKEx, CoinTiger, Huobi Global, and FTX. It is available for trading against crypto fiat coins, stablecoins, and other cryptocurrencies.

Will MKR reach a new ATH soon?

With the ongoing developments and upgrades within the MKR platform, it has the high possibility of reaching its ATH soon.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.