TradeCityPro | MKRUSDT 70% Move?👋 Welcome to TradeCityPro Channel!
Let's analyze and review one of the best coins in the DAo area together and find another entry point together and update our previous triggers
🌐 Overview Bitcoin
Before starting today's altcoin analysis, let's look at Bitcoin on the 1-hour timeframe. Since yesterday, Bitcoin experienced a correction, which was necessary for the market, and it pulled back to the 102135 range. The next trigger for a long position will be a breakout above 104714.
Yesterday's correction, coupled with an increase in Bitcoin dominance, caused noticeable declines in some altcoins. This highlights the importance of monitoring BTC pairs in your checklist these days.
MakerDAO’s sharp increase in fees and growth in Total Value Locked (TVL) has fueled demand. On February 20, $156.77 million of MKR was burned, reducing supply. Growth in active addresses and trading volume has driven the price higher. Strong resistance at $1,800 may limit further growth. MakerDAO’s emergency offering has raised concerns about $3.1 billion USDC exposure.
📊 Weekly Timeframe
In the weekly timeframe, the token has seen a 95% gain on the coin, which is a good sign in these market conditions!
Also, in this timeframe, we are in an opening triangle, which is characterized by high volatility, and we are constantly moving towards the bottom and top of this triangle, regardless of the ceiling and floor or support and resistance, and the exit from this triangle will also be sharp.
In this timeframe, we did not have a trigger in advance to say that we could buy or anything else, and it moved very sharply. If you lose, it is normal and do not blame yourself and your strategy.
After exiting this triangle and breaking 2.182, we can have a good trigger to buy, and for now, if you bought and held during this fluctuation and are in profit above 50%, it is logical to save profit, but if you did FOMO and bought, it is better not to continue trading and be busy watching the tutorial for now.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
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