Maker (MKR) is a cryptocurrency token representative of a wide range of blockchain technologies such as DeFi, or decentralized finance. The most recent movements in Maker price display a consolidation period with the token trading between primary support and resistance levels for a period of time. The buying and selling pressures within the current MKR price range are roughly balanced, which caused the price to stay narrow.

The token reached its 52-week high but later reversed the trend due to substantial resistance from the 50-Day Moving Average (DMA). This bearish market pushed the MKR price below the primary support level of $656.92. Afterward, buyers attempted to steer the price towards the resistance level of $823.69, though towards the end of 2022 the buyers surrendered to the sellers and the MKR price dropped to a new low of $588.25.

At the start of 2023, reasonable progress was made by the buyers and the token rose to its primary resistance levels. Following the dynamic market conditions, buyers tried hard to push MKR price higher while sellers were active to bring the prices down.

The evening star trend, movement in trading volume and Relative Strength Index (RSI) are showing different indications. The volume decreased by 16.82% in the last 24 hours, suggesting that traders are hold a conservative stance in the current market. The RSI is decreasing in the overbought region and might display a negative crossover, indicating the increasing power of selling pressure versus the buying pressure. On the other hand, the MACD is increasing, contradicting the RSI which may have a positive impact on the MKR price in the short term.

Resistance Levels: $823.69 and $970.83

Support Levels:$656.92 and $588.25

Considering the overall market situation and the active buyers present in the market, the Maker price might escape from the current consolidation. Analyzing the current market conditions and the sentiments of traders, it is likely that MKR will try to break above its current resistance levels in the short to mid-term. Investors should therefore watch out for key technical indicators while trading, to get an idea of the increasing momentum and to form a better investment strategies with Maker.



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