MKR/USDC - (BUY) MKR at key support for new upside trend
Market & Ticker: Maker DAO – MKR/USDC
Date: 7/11/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
MKR has been evolving in descending flag since MARCH 2024 (Consolidation). This Range is forming a base for a long-term perspective. We do expect a bullish momentum to test the upper part of the range before following the capacity of the token to exit from the pattern.
At the current level as long as 1250 remains a tactical support valid a larger rise towards 2060 is expected. On the midterm1680 is acting as upside confirmation level in daily close
Technical Key Elements:
- Flag pattern on going
- RSI indicator is showing divergence and is at 50%
- The Moving average are challenged
- Fibonacci key support is adjusted at 1250 while the Elliot wave shows upside potential towards 2060
Trade Idea conclusion: Buy
- Tactical Target Max : 2060
- Tactical confirmation: 1600
- Tactical key support (Pivot) 1120 (Daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
Disclaimer: The content of this analysis should not be considered as a study, an investment advice or a recommendation concerning products, strategies or a particular investment opportunity. This content is strictly for illustrative, educational or informational purposes and is subject to change. Investors should not base their investment decision on the content of this site and are strongly recommended to seek independent financial advice for any investment they are considering.
