🚨 $MKR /USDT TECHNICAL ANALYSIS – EXPLOSIVE PRICE SURGE 🚨
The MKR/USDT chart on the 1-Day time frame is showcasing a powerful upward breakout, surging over 20% in just one day. This move has pushed the price to a recent high, signaling strong bullish sentiment and potential for continued momentum.
Current Price: 1,576
Key Indicators:
Resistance Level (White Indicator):
Primary Resistance at 1,659 – A break above this could continue the bullish rally.
Major Resistance at 1,692 – This level could act as a strong barrier, where profit-taking might occur.
Support Level (Red Indicator):
Immediate Support at 1,452 – Holding this level is crucial for maintaining bullish momentum.
Major Support at 1,311 – Falling below this level could trigger bearish sentiment and further decline.
Short Trade Signal:
Entry Point: Below 1,452 if rejection at the 1,659 resistance occurs.
Target 1: 1,400
Target 2: 1,311
Stop Loss: 1,659 – Above resistance to minimize loss.
Long Trade Signal:
Entry Point: Above 1,659 for breakout confirmation.
Target 1: 1,692
Target 2: 1,750
Target 3: 1,800
Stop Loss: 1,452 to safeguard against false breakouts.
Cautionary Note:
Traders should remain cautious and monitor the price action closely as MKR approaches the resistance at 1,659. High volume and strong buying pressure would be needed to sustain the bullish move. Failure to break above resistance could lead to a pullback to the support at 1,452.
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Stay vigilant
