Currently up about ~75% from the lows while the majority of the market is back to it's lows, DAO Maker is a stand out token in a sea of red over the last 30 days.
Creation of higher lows suggest that there is quite a bit of strength in this trend, and when looking at the underlying utility of this token, it also suggests that an increased buying could be due to a higher volume of participation in IDOs on DAO Maker's platform.
Im using a line chart in this analysis because it shows less noise when compared to a traditional candlestick chart. Significant levels are much easier to see.
When looking at price, we can see that quite a few S/R levels have been broken and retested with the exception of the last level around $3.
Using a break & retest strategy, it will be best to look for a position if/when price retraces back to the last significant area of value and settles there finding strong support showing signs of a reversal back to the uptrend; if there is no strength to be found there, then no trade will be taken as it may suggest a deeper drawdown.
Another way to look at this would be to assume due to the strong priceaction of MakerDAO, an IDO wave will be trending again and you might want to find yourself an allocation is a next new trendy shitcoin.
Creation of higher lows suggest that there is quite a bit of strength in this trend, and when looking at the underlying utility of this token, it also suggests that an increased buying could be due to a higher volume of participation in IDOs on DAO Maker's platform.
Im using a line chart in this analysis because it shows less noise when compared to a traditional candlestick chart. Significant levels are much easier to see.
When looking at price, we can see that quite a few S/R levels have been broken and retested with the exception of the last level around $3.
Using a break & retest strategy, it will be best to look for a position if/when price retraces back to the last significant area of value and settles there finding strong support showing signs of a reversal back to the uptrend; if there is no strength to be found there, then no trade will be taken as it may suggest a deeper drawdown.
Another way to look at this would be to assume due to the strong priceaction of MakerDAO, an IDO wave will be trending again and you might want to find yourself an allocation is a next new trendy shitcoin.
Comment:
4H Candlestick
Comment:
Still very strong, however its at the next resistance already without retesting the last broken structure. Similar pattern to what we saw on $ENS above. however, this seems to be a much stronger short term trend (still above the 4h 7EMA). Based on the current area + lack of consistency from intraday price action + rational price action, then Id say this is a perfect area to short/sell; however, its best not to go against the trend. Dont really care about this trade, but the underlying reason behind the token & why its strong rn is what interests me (check out the TV post).
Comment:
There ya go. In hindsight, I wish I made the short due to the R:R, but I made other good decisions and its best I dont stretch my attention rn.
Comment:
Here we are. Net short on all positions, but will keep an eye out here. Expecting to go a bit lower based on current market conditions.
Comment:
1D Chart
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Both views | Line chart & candle stick 4H w/ EMAs