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Cryptoknowmics 2022-01-15 11:28:54

MKR Technical Analysis: Bulls Ride Up Against High Selling Pressure, Will the Buying Pressure Persist?

MKR coin price shows a sudden jump but struggles to rise above a high selling pressure near $2200. Will the bulls overcome the selling pressure? Maker (MKR) is the governance token of MakerDAO as well as the Maker Protocol. The decentralized autonomous organization and the software platform both are built upon Ethereum. Ethereum blockchain permits users to manage and issue the stablecoin of DAI. The Maker tokens are the equivalent of a voting share for the company that runs DAI and, while they don’t provide dividends to their owners. However, they grant the holders the right to vote in the advancement of the Maker Protocol and will increase in value according to the performance of DAI itself. Let us move ahead to read about Maker technical analysis. Past Performance of MKR The MKR coin price action shows lower price rejection near the horizontal level, slightly below $2000 at $1975. The lower price rejection drives the price close to $2200. However, the short-coming resistance trendline and the $2200 resistance level halt the increasing prices, teasing a reversal shortly. MKR/USD Daily Chart MKR Technical Analysis The MKR coin price consolidates between $2000 and $2200 in the daily chart while the price rests near the resistance after the price jump of 10%. Therefore, the recent jump indicates a high possibility of a range breakout. Crucial EMAs (50, 100, and 200) trend lower in a bearish alignment that may halt the post-break...

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