This Altcoin Could See a 30% Price Surge as It Consolidates Within Symmetrical Triangle

One of the many cryptocurrencies is currently showing signs of consolidation within a symmetrical triangle pattern, a technical formation that could signal a significant price move in the near future.

One of the many cryptocurrencies is currently showing signs of consolidation within a symmetrical triangle pattern, a technical formation that could signal a significant price move in the near future.

According to recent analysis shared by Ali (@ali_charts), this consolidation phase of Maker (MKR) could lead to a potential price move of up to 30%, making $MKR one to watch in the coming days.

A symmetrical triangle is a chart pattern that typically forms when the price of an asset is consolidating between two converging trendlines, usually one descending (resistance) and one ascending (support). This pattern suggests that neither the bulls nor the bears are in complete control, and the market is waiting for a breakout. Once the price breaks out of the triangle, it often leads to a substantial price move in the direction of the breakout.

In the case of $MKR, the chart shared by Ali shows that the price is approaching the apex of the symmetrical triangle, where volatility tends to increase as the price is squeezed between the converging lines. Given the pattern’s historical reliability, the breakout could result in a swift and powerful move—potentially as much as a 30% change in price, depending on whether it breaks up or down.

Looking at the chart, it’s clear that $MKR has been trading within this symmetrical triangle for several weeks, forming a series of higher lows and lower highs. The chart also highlights significant Fibonacci retracement levels, which could provide crucial insight into potential breakout points. For traders, keeping an eye on these key levels will be helpful in gauging the strength of the breakout and determining optimal entry and exit strategies.

The current consolidation in the symmetrical triangle suggests that a big move could be pending. If $MKR manages to break through the resistance at around $1,700 and continues trending upwards, the price could quickly rally to target the next significant resistance levels at $2,000 or higher. Conversely, if the price breaks down below the support at around $1,300, it could fall sharply to test the next support levels at $1,000 or lower.

Overall, the symmetrical triangle pattern suggests that a breakout from this consolidation phase could lead to a significant price move for $MKR, offering opportunities for traders to capitalize on the upcoming move. As the apex of the triangle approaches, traders are advised to pay close attention to the price action and be prepared to react accordingly to either a bullish or bearish breakout scenario.