The price of Maker's MKR token has declined 1.46% over the past 24 hours to $1,143.62, according to the latest market data. With a market capitalization of $1.13 billion, Maker remains one of the top decentralized finance (DeFi) projects, but its near-term price action indicates some consolidation may be ahead.

Albert MorganSep 2, 2023

In the past hour, MKR has fallen 1.58%, continuing its downward trajectory from yesterday. Trading volume over the past 24 hours stands at $87.03 million, suggesting decent interest in the token but a lack of momentum either way right now.

Zooming out further, the MKR token has posted gains of 11.22% over the past week, showing its upside potential. However, on a monthly timeframe, MKR is down 13.03% as the broader cryptocurrency market has pulled back from its highs earlier this year. Over the past 6 months, MKR has still managed to climb 29.52% higher.

So what's next for Maker and its governance token MKR? Here are some key technical takeaways from the latest market data:

MKR Facing Resistance After Breakdown

The MKR token had been trading in a falling wedge pattern since late May, indicating a period of consolidation. However, earlier this week, MKR broke down through support around the $1,300 level.

It has since found footing around the psychologically-important $1,000 level, but remains stuck under the breakdown point which will now act as resistance. A move back above $1,300 would be needed to negate the bearish breakdown and point to a resumption of the overall uptrend.

Oscillators Suggesting Oversold Bounce

Many momentum oscillators are reaching oversold levels, including the Relative Strength Index (RSI) and Stochastic RSI. This signals that MKR may be due for a relief rally after its recent selloff.

If buying volume picks up, the MKR token could see a bounce back up to retest overhead resistance. However, follow-through would be needed to confirm a longer-term trend change.

Key Levels to Watch

MKR is currently trading between support around $1,100 and resistance near $1,300. A break below $1,100 would put the June lows around $750 in focus. Alternatively, a move above $1,300 would have bulls targeting the August highs around $1,600.

Volume will need to pick up substantially to drive a meaningful breakout in either direction. The 20-day moving average near $1,250 is also notable as a potential pivot point.#MKR #crypto2023 #bitcoin #Ethereum #BNB