MKR Price analysis

MKR/USD long-term trend: bullish

Key resistance levels: $800, $1,000

Key support levels: $500, $300

After hitting an all-time high of around $1,650 in January of 2019, MKR followed a bearish trend throughout 2018, but established strong support at the $300 level. This level was tested again in December, and MKR managed to bounce off and produce an immense rally in February.

The daily MACD reveals a bullish signal, respecting the yellow trend line. For now, the major support level is at $500, where the 50-day MA lies. Crossing down the MACD zero level on the yellow line might send price to the $400 and $300 support levels. A further sell-off might break the $300 strong support. In case of a push further, the $800 level is likely to provide resistance.

Another check is the 50-day moving average (white line) waving below the price action, confirming a bullish trend. If the $800 resistance fails to fend off the bulls, MKR could quickly move on to test the $900 and $1,000 resistance levels.

MKR/USD medium-term trend: bullish

Looking at the token from a medium-term perspective, Maker appeared to be witnessing a substantially low trading volume - a reflection of “ugly” price volatility. Nevertheless, MKR has been maintaining a bullish trend since early February. The 50-days moving average (white line) confirms the wave with current trading price at the $695 level.

At the moment, a sell-off could reach the lows of the $600, $550 and $500 support levels, below the 50-day MA line. The potential drop is reflected on the 4-hours MACD, which is now below the zero level. Otherwise, the existing swing high could hit the $800 resistance level and beyond.

More so, the 4-hour Stochastic RSI has reached its highest level, suggesting a sell trade. Do not be surprised if a decline occurs, although a higher trading volume would be required for more extreme price action.

MKR/USD short-term trend: bullish

In fact, the appearance of MKR on a short-term outlook shows an inactive session as trading volume remains small. Despite these conditions, MKR has been trending high for the past four weeks, gaining about 78% in the last month. The buyers appear to be gaining control.

While ranging, a downward move is likely to send the price to $600 support level. The Stochastic RSI suggests a decline at the overbought zone. On the other hand, a surge is more likely to find resistance level at $800; as suggested on the 4-hour MACD.

The 50-day moving average (White line) is playing along with the price action. A break at the mentioned support will position MKR in a bearish zone. By then, the white line would trend above the token.

Latest Maker news

MakerDAO is currently holding a vote on whether to raise the Dai stability fee from 1.5% to 3.5%. As per MakerDAO's design, the vote is only open to MKR holders. The executive vote on the proposal will occur on Friday, march 8. The MakerDAO suggests that the fee be raised, and says the measure would help DAI be more successful at reaching its $1 peg. Of course, we will see what happens once the Maker community has its say in the matter as well.