Manufacturer DAO Shows Bullish Sentiment After A Time, Eyes $800?

• MKR trades below the 50 and 200 EMAs on the daily timeframe.
• The price has broken out of a descending wedge with an eye to the major resistance at $800.
• The price looks strong on the lower and higher timeframes.

Maker DAO (MKR) price has been going through a tough time recently as it has broken out of a wedge decline on the daily timeframe against Tether (USDT). Despite being a major player in the crypto industry, Maker DAO (MKR) price is struggling to hit his $8,000 high. (Data from Binance)

Manufacturer DAO (MKR) Price Analysis on Weekly Chart

The price of MKR has made a spectacular move, rising from a low of $750 to a high of $8,000 in a matter of weeks, creating a surreal feeling in the minds of traders and major cryptocurrency players.

Despite these moves, the bear market impacted the price of MKR, dropping from $8,000 to $600, down more than 70% from its all-time high.

The MKR price climbed from a weekly low of $600 to a high of $1,100 before falling to a low of $650 after failing to make new highs beyond the region.

The price of MKR should close above $1,100 to increase its chances of trading above $1,100. MKR price has formed a downtrend line and is acting as a resistance. Acting as weekly resistance, the $1,100 area turning to support indicates more relief bounces in the MKR price.

If MKR price fails to break out of this key resistance area, MKR price may retest the $600 support and demand zone to open more buy orders.

Weekly Resistance to MKR Price – $1,100

Weekly support for MKR price – $650.

MKR price analysis on a daily (1D) chart

The daily timeframe for MKR price looks promising, indicating a shift from a downtrend to an uptrend. With this volume from the MKR price, we find them retesting his $800 daily resistance.

On the 1D timeframe, MKR is currently trading at $681, below the 50 and 200 exponential moving averages (EMAs) acting as resistance. The 50 EMA and 200 EMA resistance levels are represented by prices of $790 and $1,200 respectively.

MKR price should convert the $1,000 resistance to support and show a bailout rally as MKR price continues to trade at daily lows.

MKR’s Relative Strength Index (RSI) is above 40 on the daily chart, indicating a low volume of buy orders.

MKR price daily resistance – $800.

Daily Support for MKR Price – $600.

Featured Image From Market Periodical, Charts From Tradingview