Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- MKR retreated from the $1600 level at press time.
- Key buy and sell interests existed at $1350 – $1400 and $1650.
Unlike Bitcoin’s [BTC] muted action in Q3, Maker [MKR] investors have been cashing in. In Q3, BTC was down 10% as of press time, while MKR posted 77% gains, per TradingView. In September alone, MKR was up +25%, based on the press time value of $1477.
Is your portfolio green? Check out the MKR Profit Calculator
However, the altcoin eased slightly into the weekend (30 Sept/1 Oct), dropping from $1600 to below $1500 at publication time.
Are more gains likely?
The extra rally from 25 September left a price imbalance and FVG (Fair Value Gap) of $1326 – $1400 (white) on the daily chart.
On the 4-hour chart, the price imbalance aligned with the dynamic 50-EMA (Exponential Moving Average). The 50-EMA has acted as a dynamic support since mid-September and could make the confluence a bullish zone for lower timeframe players.
So, MKR’s extra pullback could ease at $1326 – $1400 and re-target the $1600 recent high or $1700. But the bulls must reclaim $1500 before moving forward.
Conversely, a price drop below the confluence zone will flip the H4 market structure bearish and could tip sellers for leverage to devalue MKR.
But sell pressure eased, as shown by the sideways movement of the RSI above the 50 mark afte
Go to Source to See Full Article
Author: Benjamin Njiri
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
