MKRUSDT SPOTLong
MKRUSDT Bullish Pathway Unveiled
💎 Elliot Wave Theory Insights: Based on the Elliot Wave theory, #MKRUSDT's primary trend leans bullish. We've observed a sequence of a 5-Wave upward movement, succeeded by an ABC correction pattern.
💎 Potential Wave Completion: This suggests that the initial major upward wave might have concluded, with the price now gearing up for the second significant wave.
💎 Consistent Retracement Patterns: Examining the retracements post each wave, a consistent pattern emerges: the first retracement halted around the 38.2% Fibonacci level, the second around 50%, and the current one near 61.8%.
💎 End of Correction Phase: Given this trend and the potential ABC structure, there's a heightened likelihood that the corrective phase is nearing its conclusion.
💎 Bullish Confirmation: For validation, #MKR needs to surge past the descending channel, propelled by robust buying momentum. Such a move would be a robust indication of the bulls reclaiming dominance.
💎 Price Target Projections: Should the trend turn upward, we anticipate the price targeting the 161.8% resistance, positioned at the pivotal $1600 mark. This suggests a potential price augmentation of roughly 55% from the existing support level.
💎 Potential Wave Completion: This suggests that the initial major upward wave might have concluded, with the price now gearing up for the second significant wave.
💎 Consistent Retracement Patterns: Examining the retracements post each wave, a consistent pattern emerges: the first retracement halted around the 38.2% Fibonacci level, the second around 50%, and the current one near 61.8%.
💎 End of Correction Phase: Given this trend and the potential ABC structure, there's a heightened likelihood that the corrective phase is nearing its conclusion.
💎 Bullish Confirmation: For validation, #MKR needs to surge past the descending channel, propelled by robust buying momentum. Such a move would be a robust indication of the bulls reclaiming dominance.
💎 Price Target Projections: Should the trend turn upward, we anticipate the price targeting the 161.8% resistance, positioned at the pivotal $1600 mark. This suggests a potential price augmentation of roughly 55% from the existing support level.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.