Maker Price Overview: MKR/USD under an extended consolidation after a notable bull run
- Maker had a huge bull rally from $300 up to $538.94 and it’s now facing heavy consolidation.
- MKR/USD lost 17% of its value in the last six days but was able to defend the daily 12-EMA.
After trading sideways for over a month, Maker finally had some action on May 24 with a decent initial bull move to $356. Three days later, MKR experienced an explosive move to $524 from a low of $344. On May 30, MKR had its peak at $538.94 before collapsing back down to $454.74 on the next day.
Maker has been under consolidation for the past six days but held the daily 12-EMA, a bullish sign. The daily RSI was extremely overextended but has cooled off now. MKR looks to be poised for a daily equilibrium pattern but it’s not confirmed just yet.
Coinbase listing seems to be the major cause of Maker gains
A long-awaited listing is now pushing Maker back up again even though the digital asset is still trading well below its 2020-high at $727. This is actually Coinbase’s second attempt at listing MKR. The exchange tried to list MKR back in April 2019 and even launched a marketing campaign for it.
It appears that this listing will be completed and MKR will be on Coinbase Pro. It’s unclear whether this push will help MKR in the long run as the weekly and monthly charts aren’t looking too good.
MKR/USD daily chart
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Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
