Maker Faces Critical Juncture
Maker (MKRUSDT) is moving within a major downtrend, it has been red without any signs of relief. Currently, it is reaching a major support level in the form of 0.786 Fib. retracement, relative to the June 2023 - April 2024 bullish wave.
➖ If this support level breaks, around 1,260, MKRUSDT is set for a major crash.
➖ If this level holds, on the other hand, a small recovery can show up.
Which one is more likely to happen based on the current chart?
Recovery or bearish continuation?
➢ Seeing the weekly candle with a long upper shadow, indicates that the bulls tried to push prices higher and were rejected. The current chart setup favors the bears and a bearish continuation.
➢ It is likely the critical support level will breakdown and the next support range, below 1,000, will be tested in the coming weeks.
Thank you for reading.
Namaste.
➖ If this support level breaks, around 1,260, MKRUSDT is set for a major crash.
➖ If this level holds, on the other hand, a small recovery can show up.
Which one is more likely to happen based on the current chart?
Recovery or bearish continuation?
➢ Seeing the weekly candle with a long upper shadow, indicates that the bulls tried to push prices higher and were rejected. The current chart setup favors the bears and a bearish continuation.
➢ It is likely the critical support level will breakdown and the next support range, below 1,000, will be tested in the coming weeks.
Thank you for reading.
Namaste.
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