Hodl, dear members of LeoFinance!
Today, I would like to comment on the price chart of Maker.
In the daily chart (1D), MKR/USD has been decline under the pressure of the bears. Because of it, a Moving Average Crossover took place recently: the 30-day Moving Average (MA 30) has dropped below the 90-day Moving average (MA 90) - a common bearish signal:
Right now, as can be seen from the chart, the price is consolidating at the 30-day Moving Average and the 360-day Moving Average (MA 360). Let us wait and see if the price will receive enough support from these two MAs to rebound.
In the 4-hour chart (4H), MKR/USD has formed a Descending Triangle - a technical pattern considered as a trend continuation technical formation:
As can be seen from the chart, the price is almost at the end of the triangle. Let us wait and see in which direction the price will exit the triangle. If MKR/USD exits the triangle in the upward direction successfully an initial uptrend renewal signal will appear.
To be continued ...
As of the time of writing, one MKR costs $2356,42 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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