• MKR/USD market still possesses the features of keeping its range price movements till the next trading sessions in the week.
• The bulls are seemingly getting weak in the market, and a bullish trap could come up if the market moves weakly above $800 horizontal line afterward.

MKR/USD Long-term Trend – Ranging

• Distribution territories: $900, $1000, $1100
• Accumulation territories: $500, $400, $300

Neither Maker nor the US dollar has been able to nudge the market into a definite direction away from the last week’s range mark at $700 horizontal line. Unlike the previous week’s trading sessions, the pair managed to hover near a high point at $800.

Presently, the price has tightly continued to flutter along with the trend-line of the 14-day SMA indicator a bit over the $700 price line. The 50-day SMA has situated almost in-between the $700 and $600 price territories. The Stochastic Oscillators now consolidate a bit over range 60. That shows a clear indication that the market’s present range moving manner is still on-going.

In the long run of this crypto-market, three major price lines are now in play. And, they are $800, $700 and $600 price points. Within those points, the MKR/USD market is still poised to chopping around them in the next trading sessions. However, the market seems heading towards a strong trading zone to the north where the bulls may be easily trapped.

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.