With MakerDAO (MKR) recent announcement regarding launching of Multi-Collateral Dai (MCD) on Mainnet, MKR is now the leading platform for Decentralized Finance. The positive shift in market sentiment also created a potential entry as well.
Based on our current technical analysis, MKR is still consolidating between 442USD — 815USD and is now testing support near 515USD. The current set-up looks good for short-term traders to enter @ 514USD with a risk to reward ratio of 3.23 (SL @ 435USD, TP @ 775USD).
As for long term view, a successful breakout of 815USD and the purple channel could propel the price up to 900USD before visiting its all-time high at 1500USD.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Tokenize Xchange. Every investment and trading move involves risk, you should conduct your own research when making a decision.