Maker Faces Critical Juncture

16 באוק׳

Maker (MKRUSDT) is moving within a major downtrend, it has been red without any signs of relief. Currently, it is reaching a major support level in the form of 0.786 Fib. retracement, relative to the June 2023 - April 2024 bullish wave.

➖ If this support level breaks, around 1,260, MKRUSDT is set for a major crash.
➖ If this level holds, on the other hand, a small recovery can show up.

Which one is more likely to happen based on the current chart?
Recovery or bearish continuation?

➢ Seeing the weekly candle with a long upper shadow, indicates that the bulls tried to push prices higher and were rejected. The current chart setup favors the bears and a bearish continuation.

➢ It is likely the critical support level will breakdown and the next support range, below 1,000, will be tested in the coming weeks.

Thank you for reading.

Namaste.