Manufacturer (MKR) price analysis

Usually, after the price breaks above a stiff overhead resistance, the price drops and retests the breakout level. In this case, the price could decline to the $1,200 breakout level. If the price rises sharply from this level, it will indicate that the bulls have turned the $1,200 support. The MKR/USDT pair could then start a new uptrend towards $1,600 and then $1,900.
Conversely, if the bears sink and sustain the price below $1,200, it will indicate that this latest breakout could be a bull trap. The pair could then slide to the 20-day EMA ($1,079). A break and close below this level will indicate the bears are back in the game.
The ascending moving averages on the 4-hour chart and the RSI above 66 indicate that the pair is in an uptrend. The price is down from $1,361 but the bulls are likely to buy the drop to the 20-EMA.
If they do, the pair will again attempt to climb above the overhead resistance of $1,361. If this happens, the pair could rally to $1,600. Conversely, a drop below the moving averages will indicate that the bears are taking control. The pair could drop to $1,000 later.
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