cryptopatel 
MKR/USDT Elliott Wave Analysis: Anticipating a 20-30% Down Move
Introduction: In this Elliott Wave analysis of the MKR/USDT trading pair, we’ll explore the current price action and wave count for Maker (MKR) against the US Dollar Tether (USDT). The analysis suggests a bearish outlook, and the writer is expecting a significant correction in the coming days. Please note that trading involves risk, and this analysis should not be considered financial advice.
Overview: MKR is currently trading at $1231, and the writer has identified an Elliott Wave count, indicating that the impulse wave has already been completed. The focus now shifts to the correction wave, which is expected to lead to a substantial move downwards.
Elliott Wave Analysis: The writer has observed an Ending Diagonal pattern in the 5th wave, adding weight to their bearish sentiment. The Ending Diagonal is a bearish pattern, supporting the hypothesis of an impending corrective move.
Short Entries:
Entry 1: $1270 Entry 2: $1200 (triggered when the trendline is broken)
Targets: The analysis predicts that the correction wave could lead to significant declines, and the following price targets have been identified:
Target 1: $1035 Target 2: $950
Read More News: Solana Price Prediction | Litecoin Ready for a Major Bull Run | $BTC in a Falling Wedge Pattern
Expected Downside: The writer is anticipating a minimum downside move of 20-30% based on the Elliott Wave count and the observed Ending Diagonal pattern.
Stop Loss: To manage risk, the recommended stop-loss level for this bearish trade is set at $1365.
Conclusion: This Elliott Wave analysis of MKR/USDT suggests a bearish outlook for the trading pair. With the impulse wave already completed and an Ending Diagonal pattern observed in the 5th wave, the writer is expecting a significant correction wave. Short entries have been identified at $1270 and $1200 (if the trendline is broken), with potential targets at $1035 and $950. Traders should always exercise caution and employ proper risk management techniques when implementing any trading strategy. This analysis should not be considered financial advice, and the market may behave differently than expected.
Twitter:- https://twitter.com/CryptoPatel
Telegram:- https://t.me/OfficialCryptoPatel
