• The short and medium-term outlook is in the bearish trend.
• Traders may consider selling with bearish candlestick formation as confirmation.

MKR/USD Medium-term Trend: Bearish

Supply zones: $800.00, $850.00, $900.00
Demand zones: $300.00, $250.00, $200.00

MRKUSD in a bearish trend in its medium-term outlook. The strong bullish pressure that started on 11th May at $490.00 in the demand area was lost on 29th May when price was up at $784.76 in the supply area. Price at this supply area created a triple top formation, which favours the bears' journey to the south.

The large bearish engulfing candle at $779.00 on 30th May dropped price further down $670.00 breaking the 10-EMA.

The stochastic oscillator signal is pointing down at 61% which implies downward momentum in the medium-term.

The 50-EMA is the bear initial target at $650.00 in the demand area in the medium-term.

MKR/USD Short-term Trend: Bearish

The cryptocurrency short-term outlook is a bearish trend. The formation of bearish reversal candle at $780.00 in the supply area was an indication rejection of bullish continuation on 30th May.

With the large bearish engulfing candle the bears confirmed their control of the market with a subsequent drop in price to $670.04 in the demand area.

The cryptocurrency was briefly up at $749.00 in the supply area during yesterday session which was a market correction and confirmation of the bearish continuation.

Price is down at $697.00 in the demand area and below the two EMAs while the signal of the stochastic oscillator points down at 47%. These suggest a downward momentum in price in the short-term with initial target at $600.00.

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