Trade MKR in Futures Market at CoinDCX
Issued on: 15th Sep’23
Valid upto: 25th Sep’23
Category: DeFi
Market Cap: $1.19 Billion
Price Update
MKR price at the time of writing (15th Sep’23, 18:30) is $1212.40, with a 24-hour trading volume decreased by 6.32% to $64 million. MKR price is up by 5.25% in the last 24 hours according to coinmarketcap.com.
Analysis
Analyzing the above chart:
- MKR has shown strong performance despite negative news.
- On the weekly timeframe, there’s a double bottom bullish pattern with a retest and good volume, indicating a continuation.
- Lower timeframes also display bullish patterns and breakouts, supported by EMAs confirming this trend.
- A Long Trading strategy can be assessed between $1176-$1220 with an invalidation below $1108.4
- On the upside, one can see a rise of 30-35% toward $1282, $1362 & $1590.2 (valid for 10 days)
- Risk to Reward Ratio: 1:6 (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% |
| 17-August | INJ | Short | 15.53% | 124.22% | -12.06% |
| 21-August | RNDR | Short | -4.64% | -37.12% | 2.66% |
| 22-August | ICX | Short | Not considered | – | – |
| 22-August | BNB | Long | Not considered | – | – |
| 24-August | RUNE | Short | 5.63% | 45.1% | -1.54% |
| 25-August | LDO | Short | -5.02% | -40.15% | 6.04% |
| 29-August | PEPE | Short | -3.78% | -30.23% | 6.25% |
| 1-September | ANKR | Short | Not considered(flat) | – | – |
| 4-September | 1000SHIB | Short | 7.50% | 60.00% | -1.72% |
| 7-September | SEI | Long | -3.20% | -25.61% | -0.67% |
| 12-September | LPT | Long | Trade is live | – | – |
| 13-September | RUNE | Long | 12.98% | 103.84% | 2.04% |
| AVERAGE RETURN | 3.13% | 25.00% | 0.13% | ||
| SUCCESS RATE | 50% |
Return % is calculated based on pricing data as available on the platform and is valid for 15 days from the date of publishing.
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