Maker (MKR) Remains Bullish, With MAs Pushing It Higher
Maker token was trading sideways around $500 until the beginning of January when it started to join the cryptocurrency market. it moved higher in three waves, initially pushing above $2,000 in January, then pushing above $3,000 in February, while earlier this month Maker MKR pushed above $5,000.
In March, moving averages were providing resistance with the price trading sideways, but as the bullish momentum resumed this month, they turned into support. The 50 SMA (yellow) has been the ultimate support for MKR/USD, during depper pullbacks lower, while the 20 SMA (gray) has been doing that job when the trend picked up pace.
Last week we saw one of he deepest pullbacks in the crypto history, and Maker retreated to $3,300s, losing about a third of its value. Although the 50 SMA held well as support on the H4 chart, reversing the price higher.
Now MKR/USD is bullish again with lows getting higher and the 20 SMA coming into play again as support. This shows that the bullish momentum has picked up and the 20 SMA will continue to push the price higher, probably above this month’s highs soon. We might go long on dips lower, if we see a decent pullback.
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