Maker(MKR)pricehasbeendecliningwithinafallingchannelpatternandwasedgingclosertotriggeringabullishreversal.IthascompleteditsElliottsecondbearishwaveandispoisedtoformathirdrisingwave.Thatcouldtriggera20%surgeahead.
TheEMAlinesarestillinabearishalignment,thoughabullishcrossovermaybeonthehorizon.Ifbuyingpressurestrengthens,theMakerpricecouldbreakthroughthecrucialresistanceof$1280inthecomingsessions.
Therecentreboundfromthe$1000markgiveshopeamongthemarketparticipants.TheyanticipatethattheMKRcryptomaybreachthedecliningtrendlineof$1200.However,ithasstruggledtosustainitselfbeyondthe20-dayEMAmark.
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MarketAnalystsSpeakOut:Here’sTheirTake
Amidsttheongoingdowntrend,cryptoanalystswereguidingabullishoutlook.Theysuggestedatrendreversalahead.AnalystAliMartinezrecentlypostedatweetonX,sayingthattheTomDemark(TD)sequentialindicatorflashedabuysignal.
TheTDSequentialjustflashedabuysignalonthe#Maker$MKR3-daychart!RSIisinoversoldterritory,StochRSIshowsabullishcrossover,andtheMACDisonthevergeofturningbullish.pic.twitter.com/MTyypqZ38F
—Ali(@ali_charts)October28,2024
TheStochRSIshowedabullishcrossover,andtheMACDindicatorwasonthevergeofturningbullish.ConsideringtheTDsequentialbuysignal,Makercryptoreboundedfromthechannel’slowerterritory.Thetokenmayretesttheupperendofthechannel.
Likewise,AltCryptoTalkisalsobullish.HementionedinhispostthattheMKRcryptotooksupportnearthelowerendofthedescendingchannel.Itmaygotoward$1250closetotheupperendofthechannel.
$MKR–@MakerDAO
TheDifferenceMaker!😎
The$1,000supportlevelalignswiththelowerboundofthedescendingorangechannel.
Forabullishshiftinmomentum,abreakabovetheupperredtrendlineandtherecentmajorhighat$1,250isrequired.🚀
Fullanalysisofthe…pic.twitter.com/PEs7FqRgA9
—AltCryptoTalk(@AltCryptoTalk)November1,2024
TheMakerpricehasretestedthe23.6%supportzonepertheFibretracementlevels.Itcangotowardthe38.2%supportzone.
Maker’sSharpeRatiorevertedfromthenegativeregion.Itwasinchingclosertothezeroline.BuyingMakercryptoatcurrentpricelevelsoffersabetterrisk-to-rewardratiotocapturesignificantgainsintheupcomingsessions.
SharpeRatio|Source:Messari
TheSharpeRatiowascurrentlynotedaround-3.42.Thathighlightedanongoingbearishtrend.
MKRPricePrediction:IsaTrendReversalImminent?
Makerpricepredictionhighlightedthatthealtcoinhasdoneitscorrectionphase.Itwitnessedabouncefromtheoversoldregion.Recently,thebullshaveattemptedtocrossthe20-dayEMAmarkforabullishbreakthrough.
Acloserlookatthedailytimeframedeterminesthebullishreversal.However,acloseabovethe20-dayEMAwouldconfirmthereversal.TheMakerpricewastradingat$1186.90.Itnotedanintradaydeclineofover2.74%.
Onthebullishside,thepriceactionreversedthelowertrendlinesupport.TheRelativeStrengthIndex(RSI)linewasstillbelowthemidlineregion,42atpresstime.
Meanwhile,theChaikinMoneyFlow(CMF)readingwasstillbelowthezeroline.Thismeantsignificantliquidityexitfromthemarket.
MKRPriceChart|Source:TradingView
Meanwhile,theOpenInterest(OI)hasdroppedover4.30%to$84.95Million.Itdepictedalong,unwindingmoveoverthepast24hours.TheimmediatesupportzonesforMKRwere$1120and$1100.Ontheotherhand,theupsidebarrierswere$1220and$1280.
thecoinrepublic.com