"MKR Coin Analysis - Confused and Awaiting Bitcoin's Move"💹 Let's dive in and analyze MKR, a crypto coin that has recently shown significant growth. We'll update our previous analysis and check new triggers together.
🛡️ Weekly Time Frame Analysis:
In the weekly time frame, MKR is one of the rare coins that has broken out of its box and started an upward trend, moving in tandem with Bitcoin. It has risen from $503 to a peak of $3,962.
🔍 This upward trend is still stable based on volume analysis. During upward movements, volume has increased, and during corrections, volume has decreased. This indicates that there is no weakness in the trend, and it is likely to continue.
🔄 Previous Analysis Recap:
In our previous analysis, it was mentioned to keep this coin in your watchlist for a long position. As soon as it broke the resistance at $3,385, you were advised to open a long position targeting $3,722. This scenario played out as expected, and we hope you gained good profits.
📅 Daily Time Frame Insights:
In the daily time frame, after hitting the significant old resistance at $3,962, a correction began. Currently, MKR is oscillating around the support level at $2,653.
⏳ This support is at the 0.382 Fibonacci level. If MKR bounces from this support, it could signal the start of a new upward trend, confirmed by breaking the previous peak at $3,980. This is logical since there's not much distance to the all-time high (ATH).
📊 Trading Triggers:
📈 Long Position Trigger:
For a long position, we will wait for now. However, if we see a strong supportive candle with good volume or a fake break of the support, we can open a long position. Our main triggers will be at $3,260 and $3,962.
📉 Short Position Trigger:
We've had enough contacts with the support at $2,653 to reduce the orders at this level. In case of a break of this support, we can easily open a short position.
🛑 Stop Loss Strategy:
Place a risky stop loss for the long position. If the market moves against us, be prepared for a short position around the $2,653 support and be ready behind the chart.
💡 Conclusion and Recommendations:
For purchasing this coin, we will act after it surpasses $3,962. Before that, I recommend reviewing and analyzing the project to fully understand its conditions and activities. Note that MKR has shown significant growth contrary to most market coins due to its unique position without major competitors in its niche.
🔻 Key Support Levels:
2,186 , 1,918 , 1,561
🔺 Key Resistance Levels:
3,260 , 3,962 , 6,076 (the highest price)
🌟 As a final note, Bitcoin is the market ruler these days. If you open positions contrary to its trend, do so with lower risk and consider Bitcoin's direction in your trades.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
