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![Maker [MKR] threatens a push lower, can $750 stave off bears’ efforts](https://cryptonoiz.com/wp-content/uploads/2022/09/PP-3-MKR-cover-1000x600.jpg)
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
MakerDAO’s token MKR shaped a collection of decrease highs on the worth charts in latest days. This was indicative of a downtrend in progress, and the technical indicators additionally agreed. Nonetheless, the worth additionally sat atop a degree of help.
Bitcoin additionally traded simply above a area of help on the time of writing. Can the bulls win the staring contest or will the bears impose their will in the marketplace but once more?
MKR- 4-Hour Chart
Supply: MKR/USDT on TradingView
The four-hour chart confirmed MKR to commerce inside a descending channel (yellow) over the previous two weeks. The $800 area and the $760 area had been marked in crimson to be vital short-term areas. The previous few days of buying and selling noticed each of those zones examined as a zone of provide.
To the south, the $724 degree was a spot the place MKR may see a minor bounce. Nonetheless, there was a variety of volatility on this area in June. Therefore, the $700-$720 space might be anticipated to behave as a requirement zone as soon as extra.
The Relative Power Index (RSI) dipped to 41 to point out mounting bearish momentum. The On-Stability Quantity (OBV) has been in a pronounced downtrend, and clearly highlighted the shortage of shopping for stress.
MKR- 1-Hour Chart
Supply: MKR/USDT on TradingView
A set of Fibonacci retracement ranges (yellow) had been plotted primarily based on MKR’s drop from $838 to $728. The 78.6% retracement degree lay at $814 and has acted as resistance. Lots of the different retracement ranges have additionally been revered by the worth motion.
On the time of writing, the $770 mark served as robust resistance, and the bulls had been combating to keep up MKR above the $754 degree.
The A/D indicator, just like the OBV, has been in a powerful downtrend within the H1 timeframe. The Superior Oscillator (AO) and the RSI had been nearer to impartial as they snaked across the zero line and the impartial 50 degree respectively.
Conclusion
The four-hour timeframe advised a powerful transfer downward was possible brewing for MKR. If Bitcoin fails to carry on to the $19.6k help, it may possible ship MKR plunging. There was some help above the $700 degree however patrons might be overwhelmed by a tsunami of promoting.
The dearth of shopping for on the OBV was significantly telling. Coupled with the Fibonacci extension ranges, it appeared possible {that a} transfer under $750 may end in MKR pushing as far south as $660.
