DAO MakerCurrently 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.
