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)

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