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Riding the rally: MKR/USDT long opportunity around 1,446 support level

By: Invezz
MKR/USDT trading strategy
  • Buy/sell asset: Buy MKR/USDT
  • Entry price: $1,446
  • Stop loss: $1,408
  • Leverage: 1x
  • Take profit 1: $1,500
  • Take profit 2: $1,560
  • Take profit 3: $1,650
  • Timeframe: 1-2 weeks
  • Maximum profit: 14.11%
  • Maximum loss: 2.63%
MKR/USDT chart and technical analysis

Maker-DAO recovered about 25% in the last couple of weeks after it made a correction and retraced to the 1,250 support area from 1,650. Price recovered efficiently and will possibly continue its bullish trend in the coming weeks.

I am expecting the price will make a correction after the recent gains and will retrace to the 1,446 support level. The price will most probably continue its rally from there as 1,446 is a major support area.

Currently, the price is facing bearish pressure as candles are forming with long upside wicks. Despite multiple attempts, the price was unable to close above the 1,550 resistance level. If the price retraces back to the 1,446 support level I will enter for a long entry and my target for this trade would be the 1,650 supply area.

MKR/USDT fundamental analysis

Fundamentally, the price of MKR/USDT will relatively remain calm and will follow the technicals until the Non-Farming payroll data is published on the US dollar on December 08.

MAKER to Tether trade idea takeaways
  • The price of MKR/USDT will possibly surge to the 1,650 supply area in the coming weeks.
  • The price will possibly retrace to the 1,446 support level before the surge.
  • Multiple take-profit levels have been added to secure profit along the way.
  • The risk-to-reward ratio on this trade is 1:5.3
  • The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
  • Good luck!

The post Riding the rally: MKR/USDT long opportunity around 1,446 support level appeared first on Invezz

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