Maker (MKR) Bulls Capped, will Primary Support hold above $1.6k?

Maker (MKR) prices are in a $400 trade range in a possible accumulation. The short-term depends on the reaction at $2k and $1.6k—a critical support level—in the near term. Past Performance Maker and DeFi tokens are still recovering after posting deep losses. When writing, MKR prices are within a $400 zone defined by $1.6k on the lower side and $2k on the upper side. Additionally, MKR is within a descending triangle, finding support from around the H1 2021 level at $1.6k. Maker Technical Analysis Although there are hints of strengths and possible pullback from 2022 lows, Maker bulls are struggling. The inability to confirm gains of March 9 and push above $1.92k may slow down the momentum in the short term. A break above the resistance trend line and the descending triangle is critical for buyers expecting prices to bottom up to retest March 2022 highs of $2k. In the near-term, losses below $1.7k may heap more pressure on Maker sellers, a move that may see MKR slide below $1.6k posting new 2022 lows. What to Expect of Maker (MKR)? DeFi tokens, including Maker, are struggling in the current bear run. However, a close above $1.92k may spark demand, lifting the coin above March highs—a round number at $2k. On the flip side, Maker could disintegrate if bears pierce below the primary support zone between $1.6k and $1.7k.The post Maker (MKR) Bulls Capped, will Primary Support hold above $1.6k? appeared first on Cryptoknowmics-Crypto News and Media Platform.