- Marker (MRK) price fell by 1.14% over the past 24 hours.
- MKR has been on a decline for two days in a row dragging the price to $515.43.
- Bulls are showing a struggle to overcome bearish trends but bears are more stronger.
The Maker’s market was clearly under the grasp of the bears early on as prices dropped to an intraday low of $514 before finding support. The Maker’s price value has decreased by 1.14% as of the time of writing, falling to $515.43.
Market capitalization and 24-hour trading volume both fell during the collapse, falling by 1.07% and 7.49%, respectively, to $503,838,152 and $503,858,279. These declines strengthened the gloomy feeling in the MKR market.
The bulging Bollinger bands on the price chart, with the upper band approaching $527 and the lower band touching $511.83, show that selling pressure is outpacing purchasing pressure in the MKR market. In the short term, these levels act as quick levels of support and resistance.
The price of MKR appears to be stabilizing and entering a consolidation phase after falling for the previous two days in a row. The multi-day downtrend caused the price of MKR to fall from a high of $556 to trade at its present level of $515.
Significantly, after establishing strong support near $516, bears gained control of the MKR market and drove prices lower in the past 24 hours.
When the short-term moving average drops below the long-term moving average, a bearish crossover will shortly occur. This viewpoint is supported by the fact that the 20-day moving average is 516 and the 50-day moving average is 520. Additionally, the market’s current price is below both MAs, indicating that a further decrease in the marker price is anticipated. The $513 support level can be broken if the downward trend continues.
On the positive side, if MKR can overcome the solid $543 barrier, its price may rise soon. On the other hand, losses might escalate and possibly approach the coin’s previous lows of $510 if it breaches the $513 support level.
The past four hours have been controlled by the bears which have led to the decline consistently. The Bears have again won over Maker’s price indicating they might be in control for the short term. This comes after an unsuccessful attempt to cross over the 9-day EMA line, which has established itself as a crucial resistance level in this bear market.
The bulls must drive prices higher and defend the resistance level if they are to overthrow the bears’ dominance and reverse the current market’s downward trend.
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