Technical analysis by cakpras about Symbol MKR: Sell recommendation (8/13/2023)

Maker (MKR) has been trading above the breakout level of $1,200 for the past few days, indicating that the bulls are attempting to flip the level into support. The 20-day EMA ($1,204) is sloping up gradually and the RSI is in the positive territory, suggesting that the bulls have the edge. Buyers will try to propel the price above the immediate resistance of $1,284 and challenge the local high at $1,370. A break and close above this level could signal the start of a new uptrend. If bears want to prevent the uptrend, they will have to quickly yank the price back below the breakout level of $1,200. That could open the gates for a decline to the 50-day SMA ($1,041).