Technical indicators predict a potential price fall for MKR

• Cryptocurrency analyst Ali Charts predicts a potential decline in Maker (MKR) price.
• A weekly closure beneath $1,037 or $935 could confirm MKR’s decline.
• MKR’s price could surge to $1,870 if it surpasses $1,305.

In a recent tweet, Ali Charts, a seasoned cryptocurrency analyst, forecasted a potential decline in the price of Maker . He pointed out that the TD Sequential of MKR has indicated a sell signal on the weekly chart. This prediction follows a significant surge of over 27% in the altcoin’s value in the preceding month.

Ali further indicated that a weekly closure beneath $1,037 or $935 would corroborate his theory of an impending decline in MKR’s valuation. Conversely, if the altcoin surpasses the 100-day moving average (MA) threshold of $1,295, it could nullify the bearish outlook.

Technically speaking, MKR was striving to surpass the 100 SMA line on its weekly chart from a technical standpoint. This technical benchmark was also approximately at the same level as the significant resistance point, pegged at $1,305.

Should the altcoin successfully secure a weekly candle closure above this threshold, it could pave the way for a potential surge to $1,870 in the ensuing months. Conversely, if Ali’s bearish outlook holds, the altcoin could face the peril of depreciating to $850 in the forthcoming weeks.

Viewing from a more immediate timeframe, the altcoin’s value has slipped beneath the 9-day Exponential Moving Average (EMA) in the last 48 hours and is currently hovering at the 20-day EMA line. If MKR concludes today’s trading session under this technical benchmark, it could potentially descend to the 50-day EMA line, approximately $1,088, in the forthcoming days.

Conversely, if the daily candle closes above the 9-day EMA line, currently at $1,235, it would negate the bearish outlook. Under these circumstances, the altcoin could challenge the resistance level of $1,305.

Market participants, including traders and investors, should pay close attention to the potential bearish crossover of the 9-day EMA line below the 20-day EMA line. If this crossover occurs, it would indicate that MKR’s price has embarked on a short-term bearish trend, potentially leading to a price decline in the subsequent week.