MKR: Pullback in Uptrend
Maker (MKR) technical analysis:
Trade setup: Trends have reversed to uptrend and price spiked up as high as $1,350, making a new Higher High (sign of Uptrend). However, it got overbought (RSI > 70) there and pulled back to $1,000-$1,100 support area, which could be an attractive swing entry in Uptrend. Upside potential back to $1,350.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $1,000 – $1,100 (previous resistance), then $800, and $600 – $700. The nearest Resistance Zone is $1,350.
Trade setup: Trends have reversed to uptrend and price spiked up as high as $1,350, making a new Higher High (sign of Uptrend). However, it got overbought (RSI > 70) there and pulled back to $1,000-$1,100 support area, which could be an attractive swing entry in Uptrend. Upside potential back to $1,350.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $1,000 – $1,100 (previous resistance), then $800, and $600 – $700. The nearest Resistance Zone is $1,350.
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