Maker (MKR) price has bounced from a nine-month low amid a recovery across the broader market but several bearish signals remain evident.
has been underperforming since MakerDAO announced its rebrand to Sky. Last week, Maker plunged to a nine-month low, and while the token shows signs of a bounce, several bearish signs remain evident.
MKR traded at $1,600 at press time, having dropped by 24% in the last 30 days. The token’s market capitalization has also fallen to $1.4 billion per Since July, MKR has been making lower highs indicating a prolonged bearish trend. The token has also been moving within a descending channel, but it is currently attempting a breakout.
However, breakouts from descending channels are typically supported by a surge in buying volumes. This is currently not happening as trading volumes have dropped as seen in the volume indicator.At the same time, the Moving Average Convergence Divergence line is showing a bullish divergence. This line is still negative, but it has crossed above the signal line and tipped north.The same trend is also seen in the green MACD histogram bars.
Buyers are needed to absorb this sell-side pressure and aid Maker’s recovery from range lows. However, traders might not be ready to enter the market as the overall trend is still bearish.Mary is a seasoned crypto news writer passionate about blockchain technology, digital assets, and Web3. She has two years of experience delivering insightful analysis and news on key developments in the industry. She specializes in on-chain metrics, market behavior, industry insights, and technical analysis.
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