- MKR/USD has defended the daily 26-EMA at $489 and it’s now trading at $585 at the time of writing
- Bulls have defended the daily uptrend and are looking at $600 next.
MakerDAO has suffered a steep pullback, something that was quite expected considering the magnitude of the previous bull move. The daily uptrend is still intact as the last low was all the way down at $400. The current low is at $447 and the high at $731. The bulls are looking to break $600 and then the daily high to continue with the daily uptrend.
MKR/USD daily chart
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The last high at $731 is, in fact, the 2020-high as the other high was only $727 back on February 19. Bulls are clearly in control and the recent consolidation should be considered healthy and welcomed. Now the RSI is not overextended and the bulls have more space to work with.
MKR/USD 4-hour chart
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The 4-hour chart has been in a downtrend for the past few days. Bulls have managed to break above the 26-EMA and the 12-EMA but the downtrend is still in play until the bulls can set a clear higher low compared to $447 and then a higher high. Either way, bulls have control in the short-term, and they are only facing the $600 psychological resistance level.
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