Following a slow and steady recovery, MKR saw a little setback last weekend due to a bearish interception. Although the bulls are technically back in control as the demand level continues to rise.
February marked a temporal halt in MKR’s mid-term bearish after posting several losses in a year. The bounce from $778 brought a major relief as it increased to over $1,700 within a month. It later lost grip above the price level and rolled over.
Surprisingly, the psychological $1k level stood firm, and the bulls found a strong footing again. It marked the psychological level as support and slowly climbs back. Although the bears tried to step back but the demand level seems heavy as the price continues to increase daily.
It witnessed a little setback last weekend due to a rejection, and the price pulled below $1,300. Locating support nearby this week, it resumed buying pressure and currently trades at $1,379. A flip above last week’s resistance should facilitate more growth daily.
Looking back, we can say that the trading landscape has changed a bit while it continues to increase weekly. The previous monthly high is considered a key level for a trend shift. A breakthrough it should fuel a massive rally to a new multi-month high. But as it stands, it will likely face a lot of hurdles before scaling through.
Source: Tradingview
The main resistance level to watch for a break-up right now is $1,495 – tapped last month. Scaling through it could facilitate a major surge to the $1,600 and $1,798 resistance levels.
As of now, the weekly low is held as support. Lower support levels to watch for a test are $1,200 and $1,035. There’s also support at $875 in case of a drop.
Key Resistance Levels: $1,495, $1,600, $1,798
Key Support Levels: $1,200, $1,035, $875
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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