Investing.com - Financial Markets Worldwide
🤔 This week: TSLA Q3 earnings report - is now the right time to buy the EV giant?Explore TSLA Data

Maker (MKR) Loses Key Support After Its Steep Correction

Published 10/25/2023, 04:32 PM
Updated 10/25/2023, 04:45 PM
Maker (MKR) Loses Key Support After Its Steep Correction

  • MKR saw its price drop 7.45% over the past 24 hours according to data from CoinMarketCap.

  • The latest drop in price comes after MKR was rejected by the $1,605 resistance level.

  • Technical indicators on MKR’s daily chart were also flagging bearish at press time.

The price of Maker (MKR) underwent a strong correction over the past 24 hours according to data from the cryptocurrency market tracking website CoinMarketCap. At press time, the altcoin was down 7.45% and was changing hands at $1,448.66 as a result.

Daily chart for MKR/USDT (Source: TradingView)

MKR’s price had been in a consolidation phase between $1,385 and $1,488 over the past 2 weeks. During this period, the altcoin’s price had briefly broken out of the sideways channel more than once. The first breakout was recorded on 27 September 2023, when a 5+% move propelled the cryptocurrency’s price to above the $1,488 mark.

It then continued to rise in the following 24 hours and attempted to flip the resistance level at $1,605 into support. However, it was rejected by this barrier – causing it to correct back within the current sideways channel.

This prompted sellers to continue to exert thei…

The post Maker (MKR) Loses Key Support After Its Steep Correction appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.