- MKR/USD is trading sharply bullish at $3,904, adding +5.75% so far.
- 50 day EMA (Exponential Moving Average – Red Line) extends support at 3904.
- Forex trading participants may look for a sell trade below the $4000 level to the target of $3904 and $3805.
On Monday, the MKR/USD is trading sharply bullish at $3,904, adding +5.75% so far. The MKR/USD pair extended its early-day upward rally and took some further bids above the $3,990 level. The crypto market continues to recover from its collapse that occurred in early May. If you are wondering what to expect and where to buy MKR, let’s find out below…
A Quick Overview of MKR & Other Cryptos
The upward moves sent the total market value of cryptocurrencies to $2.2T, while crypto trading volume over the last 24 hours reached $109B. This was witnessed after the BTC price started a heavy increase, and it surpassed $50,000 against the US dollar.
Bitcoin is expected to remain well bid, and it might even clear the $50,300 resistance level. At the same time, the Maker price is trading near USD 3,970.09 with a 24-hour trading volume of $137,414,835. Maker rose by 3.00% in the last twenty-four hours.
Bullish Crypto Market Keeps MKR/USD Supported
The reason behind Maker’s upward rally could be attributed to the bullish sentiment in the crypto market. The crypto market has been flashing green since the week started. Therefore, the upticks appeared after the BTC/USD climbed above the milestone on Sunday evening. Thus, the crypto continues to recover from its collapse that occurred in early May.
This bullish rally pushed the total market value of cryptocurrencies to $2.2T, while crypto trading volume over the last 24 hours reached $109B.
This positive news pushed cryptocurrencies higher, and that’s one of the key factors that kept the MKR/USD coin higher.
Weakness in the US dollar supports MKR’s bullish trend.
The greenback’s selling bias also kept the MKR/USD prices higher on the US dollar front. The broad-based US dollar failed to extend its previous week’s positive performance on the USD front and turned sour on Monday.
However, the reason could be tied to the market’s upbeat mood, which tends to weaken the safe-haven US dollar. Meanwhile, the cautious sentiment ahead of the US Federal Reserve’s Jackson Hole symposium, which is due between Aug. 26 and Aug. 28, also played a significant role in undermining the dollar. Hence, the losses in the US dollar were seen as one of the key factors that kept the Maker prices higher.
Cardano Price Prediction – Technical Levels
Support Resistance
3705 3899
3602 3992
3510 4094
Pivot Point: 3797
MKR/USD Crossover 50 EMA – Where to Buy MKR?
The Maker price prediction is strongly bullish above an intraday pivot point level of 3797. On the 4 hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) extends support at 3904.
Since the MKR/USD has crossed above the 50 EMA level, the chances of a bullish trend remain pretty solid. On the bullish side, a breakout of an upward trendline can extend the bullish trend until the next resistance levels of 4094 and 4250.
Conversely, the violation of 3904 support could lead the MKR pair towards the 3797 and 3710 levels. Furthermore, the MKR/USD’s Stochastic RSI indicator has also entered the overbought zone, just like other crypto pairs. That suggests bulls may get exhausted very soon and trigger profit-taking in Maker. If this happens, we may see a slight correction in the MKR/USD pair.
With that being said, forex trading participants may look for a sell trade below the $4000 level to the target of $3904 and $3805. Alternatively, we may see a buying trend upon the $4000 level breakout with a target of $4094 and $4250. All the best.
Where to Buy a Maker?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
Looking to buy or trade crypto now? Invest at eToro!
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