MKR/USDT is the real movement coming now?
Today MKR managed to crack an important high at 3135$. This high has now become a support but more importantly we have triggered a possible prom queen. I have drawn the possible targets but of course it can go much further. The Bitcoin and other major cryptos have shown how it goes but will we see it here now so?
Today is an important day in the chart and the next hours will show what we can expect in the future. If we can close above the trigger mark, then that is a very good sign. A possible setup for a trade I have marked in the chart. The chance to risk ratio is here at about 3 to 1 but in the case of another skyrocket is also more possible.
On the smaller time units you can see the breakout a bit better. I have put a retracement on the last movement and marked the important marks. The 61.8 retracement is here the last defense line. If we fall below this mark or close below it on a daily basis, then it is a bad sign. So it depends on the daily closing price but a dip is also always a chance.
I am curious to know when the next resistances on the top side will become a support. If Ethereum 2.0 revolutionizes the market, we can expect much higher prices. The Defi projects have become interesting again.
Source: (Guidants/Godmode Trader) & JFD Broker & Binance
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