In the recent 24-hour period, Maker (MKR) witnessed a substantial price correction, as reported by CoinMarketCap, a cryptocurrency market tracking platform. Currently, MKR is down by 7.45%, trading at $1,448.66.
Over the past two weeks, MKR has been consolidating its price within a range of $1,385 to $1,488. During this phase, the cryptocurrency broke out of this range on multiple occasions. The first breakout occurred on September 27, 2023, when a notable 5%+ surge pushed MKR’s price above the $1,488 mark.
Following this breakout, MKR continued to rise over the next 24 hours and attempted to turn the $1,605 resistance into support. Unfortunately, it faced rejection at this level, resulting in a return to the ongoing sideways channel.
This rejection prompted selling pressure on MKR’s price, leading to a drop below the $1,385 support on October 9, 2023. It then fluctuated around this key level for several days before embarking on a multi-day positive trend on October 19, 2023. Consequently, MKR once again breached the $1,488 mark on Monday.
Additionally, in the past 48 hours, MKR made two attempts to challenge the aforementioned resistance level at $1,605. However, sellers managed to defend this barrier on both occasions. Subsequently, MKR’s price retreated back within the medium-term price channel over the last 24 hours.
Meanwhile, technical indicators on MKR’s daily chart are indicating a potential further drop in the next 24-48 hours. Particularly noteworthy is the convergence of the daily MACD line with the daily MACD Signal line. A crossover of these indicators could suggest a continuation of MKR’s bearish trend in the short term.
Furthermore, the daily RSI line recently dipped below the RSI SMA line, possibly signaling a strengthening position for sellers on MKR’s daily chart.