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MKR/USDT’s soaring potential: A buying opportunity at hand

By: Invezz
MRK/USDT trading strategy
  • Buy/sell asset: Buy MKR/USDT
  • Entry price: 1255
  • Stop loss: 1216
  • Leverage: 3x
  • Take profit 1: 1295
  • Take profit 2: 1360
  • Take profit 3: 1440
  • Timeframe: 1-2 weeks
  • Maximum profit: 44.2%
  • Maximum loss: 9.33%
MKR/USDT chart and technical analysis

Maker tether is recovering from a months-long bearish trend and the market structure is turning bullish after the price made consecutive higher highs.

Recently price retested the major daily supply area of $136,5 and currently, it is making a downward correction and preparing to jump to a new high. I am expecting that new high to be around $144,0.

Price will possibly retrace to the 1216 support level and the 0.618 Fibonacci level before heading for its new target.

MKR fundamental analysis

There are market speculations that two whales have invested millions into Maker which is pushing the price higher. The rally is mainly driven by the significant accumulation of Maker by the Crypto whales.

Besides this, there is no major news event that could cause substantial volatility in the market.

Maker to Tether trade idea takeaways
  • The KRK/USDT will potentially continue its rally as both technical and fundamental analysis seems very optimistic.  
  • Both the stoploss and entry prices have been placed at secure levels and multiple take-profit levels have been identified to secure the profit along the way. 
  • This trade idea is valid for 1-2 weeks, after that, it will no longer remain valid.
  • Good luck!

The post MKR/USDT’s soaring potential: A buying opportunity at hand appeared first on Invezz.

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