Maker DAO (MKR) and Secret Network (SCRT) Technical Analysis: Will Bears Succeed? - Crypto News

Maker DAO (MKR) and Secret Network (SCRT) Technical Analysis: Will Bears Succeed?

    Maker DAO and Secret Network bulls are under pressure. Even so, MKR token prices may rise to $6k if there is a break above August 2021 highs.

    Maker DAO (MKR)

    The protocol is one of the first DeFi platforms behind DAI using MKR for governance.

    Past Performance of MKR

    There has been a cool off of the upside momentum.

    However, Maker DAO crypto bulls are resilient, successfully thwarting the attempts by sellers.

    Accordingly, MKR token prices are in consolidation as per Maker technical analysis in the daily chart.

    At present, MKR coin prices are stable versus the greenback on the last trading day.

    Day-Ahead and what to Expect

    Technical candlestick arrangement of Maker prices points to strength.

    There has been a sufficient pullback from recent highs, with MKR crypto prices finding support at the middle BB.

    On shaky grounds, there could be more opportunities for Maker bulls once prices recover above August 2021 highs of $4k.

    Maker DAO Technical Analysis

    From the daily chart, there are hints of demand amid consolidation in the lower time frames.

    While the middle BB offers support, aggressive traders might find entries.

    On the other hand, risk-averse traders might find trading opportunities above $4k with medium-term targets at $6k. Losses below $3.3k may mark the end of the current upswing.

    Secret Network (SCRT)

    The privacy-centric smart contracting platform uses SCRT as a utility currency.

    Past Performance of SCRT

    The token’s performance mirrors the state of the crypto market.

    SCRT token buyers are in control, inching higher despite the hesitation of the last few trading days.

    Presently, the SCRT coin is marginally up versus the USD, retesting the middle BB.

    Day-Ahead and what to Expect

    The Secret Network token finds itself in a precarious position as per the SCRT technical analysis in the daily chart.

    By retesting the middle BB and SCRT token bulls failing to reverse August 26 bears, the odds of extended losses below the 20-day moving average remain high.

    As such, SCRT crypto bulls must shore prices, rejecting lower lows for the current uptrend to be valid.

    Secret Network Technical Analysis

    Despite general trader optimism, sellers are pressing the liquidation pedal as per price action in the daily chart.

    The failure of SCRT buyers to relieve bulls may see prices slide below the middle BB for the first time in over a month.

    In that case, SCRT prices may fall to $1.3 in a retest.

    A snap-back above $1.85 may see the Secret Network token rally to $2.3 in a buy trend continuation pattern.



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