PRESS RELEASE: MKRUSD Price; Can Bulls Push Price Above $1,800 Level?

PRESS RELEASE: MKRUSD Price; Can Bulls Push Price Above $1,800 Level?
January 10, 2021
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January 10, 2021

MKRUSD Price Analysis – January 10

Further increase in the bulls’ momentum will increase the price above the resistance level of $1,800; above it is $2,000 and $2,010 resistance levels. Should the $1,800 resistance level holds, the price may reverse and face the support level at $1,600, further increase in the bears’ pressure may push down the price to $1,173 and $867.

MKR/USD Market

Key levels:

Resistance levels: $1,800, $2,000, $2,010

Support levels: $1,600, $1,173, $867

MKRUSD Long-term trend: Bullish

On the long-term outlook, MKRUSD is bullish. The bulls are strongly holding tight to the MKR market ever since the price action of the MKRUSD broke out of the $867 level on January 05. The strong and massive daily bullish candles are produced. The bullish engulfing candle triggers the bullish movement. The former resistance level at $867, $1,173 and $1,600 was penetrated upside and the price soars above the former resistance level of $1,600.

MKRUSD Daily chart, January 10

The slow Moving Average (9 periods) has crossed the fast Moving Average (21 periods EMA) and the price is trading above the two EMAs at a distance indicating strong bullish momentum. Further increase in the bulls’ momentum will increase the price above the resistance level of $1,800; above it are $2,000 and $2,010 resistance levels. Should the $1,800 resistance level holds, the price may reverse and face the support level at $1,600, further increase in the bears’ pressure may push down the price to $1,173 and $867. The relative strength index period 14 is pointing up above 80 levels to indicate a buy signal.

MKRUSD medium-term Trend: Bullish

MKRUSD is on the bullish performance on the medium-term outlook. The bulls pushed up the coin to break up $867 and increase towards the resistance level of $1173, it pulls back as a normal phenomenon of a trending market. The $1173 level was penetrated and the coin soars above the $1,600 level.

MKRUSD 4 hour chart, January 10

The coin is trading above the 9 periods EMA and 21 periods EMA and the two EMAs are well separated from each other which indicates that the bulls’ momentum is strong. The relative strength index period 14 is above 80 levels and the signal line pointing up to indicate a strong buy signal.

This is a syndicated post from https://www.cryptovibes.com/blog/2021/01/10/mkrusd-price-can-bulls-push-price-above-1800-level/

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