MKR/USDT : on buying area

Oct 23, 2022

MKR Mid-term (daily chart basis) 1 to 6 weeks

Scenario : We expect a tentative of bullish exit from the current bearish trend as long as MKR remains 800 and 1020 in setback. An intermediate resistance area at 1470/1740 is acting as taking profit level on the short-term while 3580 is the standard target for the coming weeks/months

Key Elements:

The long-term trend analysis show potential towards 3580 as long as 430 strategic support remains valid
The mid-term element as Mobile average and RSI are confirmed bullish signal
MKR is outperforming ETH & BTC on a mid-term basis which allow us to keep this coin in portfolio

Trade Idea : Buy

Target 2 : 3580 (+266% from 1120)
Target 1 : 1730 (+80% from 1120)

Entry area 980 (in setback)

Stop 800 (Daily close)