• MKR/USD market has been trading around a low trading point at $500 line of the market.
• Selling force may still take the trade’s ride below the $700 price territory.

MKR/USD Long-term Trend – Bearish

• Distribution territories: $800, $900, $1000
• Accumulation territories: $500, $400, $300

There has now been a small amount of reduction in the market valuation of MKR/USD barely a week ago. In the recent past, the market operations featured in a range involving $800 and $700 market territories. The crypto’s price has been trading around a low trading point at $500 line of the market.

The 50-day SMA is located at the $700 point, and the 14-day SMA indicator is underneath it a bit over $600 mark. The Stochastic Oscillators have now closed the hairs within ranges 40 and 20. That could most likely be to indicate a southward move of the market.

The sellers have once again forced down the crypto’s value briefly past the $500 low point as seen on April 26. The smaller trading indicator suggests that there is the possibility of seeing price not able to push past the market line at $600 to signify a resumption of an upward move in the market. Therefore, selling force may still take the trade’s ride below the $700 price territory.

Maker:

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.