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There is one more interesting formation on crypto market.
Symmetrical triangle on MKR/BTC crypto pair.
There was a strong and confident bullish sentiment before.
It could be a good confirmation for bull traders.
According to Elliott Waves theory Wave C is done and now price is heading to Wave D.
However this formation may...
THIS IS NOT FINANCIAL ADVICE
BLACK LINES are support.
RED LINES are resistance.
BLUE LINES are trends.
MKR should break resistance at $2300, and then next resistance is $2800. If we can break through those resistances we should find it going straight up to $3100 where it could potentially break and make a new high.
Maker DAO’s MKR token is one of the oldest DeFi assets. Like many other crypto assets, it posted stellar gains this year. Yet in BTC terms, it’s still well below its all-time high of 0.18 that was observed in 2019.
After a surge to above 0.08 BTC (a level also last seen in 2019), MKR was heavily sold throughout February.
We’ve asked Hybrid Intelligence the...
MKR/BTC seems to be forming an inverted head and shoulder, with an upwards potential of roughly 30% if it breaks out above the white resistance line.
From a fundamental perspective MKR seems undervalued compared to its peers in the Defi space, with a current market cap of roughly $1.5b, below most big Defi players despite the fact that it can be seen as the...
". There is a possibility of temporary retracement to suggested support line (0.0233).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
. MKR/BITCOIN is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic...