• MKR/USD market has been trading around variant price points in a range.
• The bears may eventually prevail over the bulls in the current ranging market outlook.

MKR/USD Medium-term Trend: Ranging

• Distribution territories: $850, $900, $950
• Accumulation territories: $600, $550, $500

The MKR/USD market territories depicted around $800, $750 and $700 marks, have been invaded by range price movements. On June 24, the pair recorded a slight low point below the $700 lower range line of the market.

As at today, the market has moved in a range towards the upper range spot to flutter. The Bollinger Bands have a bit opened wider across the range zones to point to the east. The Stochastic Oscillators have penetrated into the overbought zone.

The Maker bullish pressure has seemingly attained a high crucial value as it has closely hovered near the $800 upper range mark. The bears, therefore, will have a greater chance to put the crypto-market line under selling pressure around or a bit below that trading point.

MKR/USD Short-term Trend: Ranging

The MKR/USD market’s trend in the short-term run has been mostly featuring under ranging outlook settings today. In the past sessions until yesterday, the Bollinger Bands were in a tight contraction trending mode to the east direction to indicate a strong choppy market.

Now, the Bollinger Bands have a bit opened wider to border around $800 and $680 market lines. But, the major range zones of the market as at the time of writing are found around the $800, $760, and $720 marks. The Stochastic oscillators have moved into the overbought zone to possibly begin a consolidation movement within it.

While the bulls fail to swing northward past the $800 mark of the MKR/USD market, the bears may then have the possibility to bring down the price line to a low value around the $680.

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.