MAKER Price Prediction Today: Daily (MKR) Value Forecast – June 10
- The bears are in control of the short and medium-term outlook.
- Trader may consider selling after retest of the broken trendline.
MKR/USD Medium-term Trend: Bearish
Supply zones: $800.00, $850.00, $900.00
Demand zones: $300.00, $250.00, $200.00
MRKUSD continues in a downtrend in its medium-term outlook. The strong bullish pressure from $616.32 in the demand area 7th June was lost at $780.00 in the supply area on 7th June. The area was previously attained on 39th May thus creating a double top pattern that favour the bears return.
MKRUSD dropped to $721.16 in the demand area during yesterday session breaking the support at the two EMAs.
The bearish momentum was sustained with a further drop in price to $667.63.00 shortly after today’s opening price at $726.00.
The signal of the stochastic oscillator points down at 13% in the oversold region and price is below the two EMAs. These imply a downward momentum in price n the medium-term with $616.00 as the bears' initial target in the medium –term.
MKR/USD Short-term Trend: Bearish
The cryptocurrency short-term outlook is a bearish trend. The break of the trendline shortly after today opening was an indication of continued bears pressure on the cryptocurrency. $667.63 was the initial low.
Minor correction and retest of the broken trendline may occur as indicated by the signal of the stochastic oscillator pointing up. This will serve as the market correction and a confirmation of the bearish continuation in the short-term.
$620.00 in the demand area is on the card as more candle open and closed below the two EMAs.
Live Maker (MKR) Price:
1 MKR/USD =$4,908.5198 change ~ -7.15%
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.