Trade MKR in Futures Market at CoinDCX
Issued on: 07th Nov’23
Valid upto: 14th Nov’23
Category: DeFi
Market Cap: $1.2 Billion
Price Update
MKR price at the time of writing (07th Nov’23, 14:05) is $1303, with a 24-hour trading volume increased by 48.57% to $56 Million. MKR price is down by 2.81% in the last 24 hours according to coinmarketcap.com.
Analysis
Analyzing the above chart:
- MKR is currently demonstrating a bearish trend, and this sentiment is validated by the breakdown of a double top pattern and an inclined trendline in high timeframes (HTFs).
- Additional confirmation comes from On Chain spot selling, a decline in volume alongside increasing prices, open interest, Fib levels, EMAs (Exponential Moving Averages), and RSI divergence. These multiple indicators suggest a bearish outlook for MKR.
- A Short Trading strategy can be assessed between $1319-$1297 with an invalidation above $1381
- On the downside, one can see a fall of 15-20% toward $1231, $1153 & $1069(valid for 7 days)
- Risk to Reward Ratio: 1:4 (Considering Target 3)
- It would seem that one should maintain a balanced risk-to-reward ratio and check the use of leverage and position size to ride out current market conditions.
Note: MKR is now available in the futures market in both CoinDCX and CoinDCX Pro apps with up to 15x leverage.
Last 30 Days Analysis Summary
| DATE | TOKEN | Strategy (Long/Short) |
TOKEN RETURN% | TOKEN RETURN % (with 8x leverage) |
BTC RETURN% |
| 9-Oct | DOGE | Short | Not Considered | ||
| 9-Oct | OP | Short | 6.65% | 53.20% | -1.04% |
| 11-Oct | MKR | Long | -2.70% | -21.61% | -1.14% |
| 12-Oct | XVG | Short | -4.54% | -36.31% | 0.11% |
| 16-Oct | BCH | Long | 12.54% | 100.32% | 8.15% |
| 17-Oct | JASMY | Short | Not Considered | ||
| 18-Oct | BLZ | Long | 32.54% | 260.32% | 5.76% |
| 19-Oct | LINA | Short | -5.47% | -43.76% | 6.10% |
| 20-Oct | FET | Long | 22.36% | 178.88% | 12.82% |
| 25-Oct | LDO | Long | 7.74% | 61.92% | 1.25% |
| 26-Oct | TOMO | Long | -5.79% | -46.32% | -0.67% |
| 26-Oct | DOGE | Long | -5.89% | -47.12% | -3.12% |
| 30-Oct | GRT | Long | -6.05% | -48.37% | -1.55% |
| 6-Nov | ETH | Long | Trade is live | ||
| AVERAGE RETURN | 4.67% | 37.38% | 2.42% | ||
| SUCCESS RATE | 45.5% |
Return % is calculated based on pricing data as available on the platform and is valid for 15 days from the date of publishing.
Disclaimer: “The information, advise and/or views provided on this page are that of the author or company and are for informational purposes only. The Platform does not intend to: (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) to provide accounting, legal, or tax advice, or investment recommendations, or (iii) make any representation of any kind, express or implied, on accuracy, availability, reliability or completeness of the same. Note Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. AT NO TIME WILL THE PLATFORM BE LIABLE FOR YOUR USE OR RELIANCE OF THE SAID INFORMATION, ADVISE AND/OR VIEW WHICH IS SOLELY AT YOUR OWN RISK.”
