After an extended price consolidation in the $683 – $791 range in February, MKR broke above it and inflicted over 20% gains in early March. However, the $964-level has become a key sell pressure , preventing further northbound movement. Each price rejection at the supply zone has led to a retest of the demand zone.
If the trend repeats itself, a retest of the demand zone could offer new buying opportunities in the next few hours/days. Long-term bulls could seek entry and target the sell pressure level of $964 – A potential 10% rally with an excellent risk-to-reward ratio . A close below $833 will invalidate the bullish thesis. Such a downswing could tip bears to seek short-selling opportunities at $791 or the previous parallel channel’s mid-level of $740.
The Relative Strength Index was below 50, which tip bears to sink MKR to the demand zone. Moreover, the OBV registered a slight decline which could undermine strong buying pressure in the short term and offer bears more influence.According to Santiment, MKR recorded spikes in exchange inflows – A sign that more tokens were moved into central exchanges for offloading. It revealed increased short-term sell pressure, which could pull MKR to the demand zone.
However, bulls’ efforts could be undermined if BTC drops below $22K. Ergo, investors should track the king coin’s price action on the charts.Subscribe to get it daily in your inbox.
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