💎 Elliot Wave Theory Insights: Based on the Elliot Wave theory, #MKRUSDT's primary trend leans bullish. We've observed a sequence of a 5-Wave upward movement, succeeded by an ABC correction pattern.
💎 Potential Wave Completion: This suggests that the initial major upward wave might have concluded, with the price now gearing up for the second significant wave.
💎 Consistent Retracement Patterns: Examining the retracements post each wave, a consistent pattern emerges: the first retracement halted around the 38.2% Fibonacci level, the second around 50%, and the current one near 61.8%.
💎 End of Correction Phase: Given this trend and the potential ABC structure, there's a heightened likelihood that the corrective phase is nearing its conclusion.
💎 Bullish Confirmation: For validation, #MKR needs to surge past the descending channel, propelled by robust buying momentum. Such a move would be a robust indication of the bulls reclaiming dominance.
💎 Price Target Projections: Should the trend turn upward, we anticipate the price targeting the 161.8% resistance, positioned at the pivotal $1600 mark. This suggests a potential price augmentation of roughly 55% from the existing support level.