Brief Analysis ——MKR
As a representative of liquidity, lending protocols are important to Defi. Based on the outstanding performance of COMP last week, we have a brief analysis of the tokens for three major lending platforms today. They are AAVE,COMP and MKR.
MKR rose with fluctuation in first half of 2023. Starting in March, it experienced a long correction, and in July the price quickly rose to the highs of the year. We can see many upward pin-bars (in the gray area) at that time. This shows that the resistance above is very strong. The bulls toke action for days without success. Price entered into a correction and moved closer to the highs again this week. Judging from the rising this week, the length of the green candle is not long, the bears is obvious, and the trading volume is not outstanding.
Conclusion: Mostly fluctuation. The trend maintained neutral on a large level and bears strengthened on a small scale. So we think there is a high probability of fluctuation this week. We set resistance level at 1040 and support level at 850.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
MKR rose with fluctuation in first half of 2023. Starting in March, it experienced a long correction, and in July the price quickly rose to the highs of the year. We can see many upward pin-bars (in the gray area) at that time. This shows that the resistance above is very strong. The bulls toke action for days without success. Price entered into a correction and moved closer to the highs again this week. Judging from the rising this week, the length of the green candle is not long, the bears is obvious, and the trading volume is not outstanding.
Conclusion: Mostly fluctuation. The trend maintained neutral on a large level and bears strengthened on a small scale. So we think there is a high probability of fluctuation this week. We set resistance level at 1040 and support level at 850.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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