😎Ladies and Gentlemen Traders, let's take a close look at the chart of MKR paired with USDT, focusing on the one-day timeframe. We'll start by outlining an ascending trend channel with blue lines, covering data within an additional range.
In preparation for a potential larger correction, we will establish several key support levels. First, we have a support zone from $1,404 to $1,539. Behind it lies another zone on the border between $1,292 and $1,209. And the strongest level of support is near the $967 mark.
On the other hand, the price encountered a significant resistance zone between $1,476 and $1,565, leading to a deviation. If the price manages to break this zone, then the next target will be the second zone from $1.773 to $1.864.
I recommend checking the CHOP index, which indicates significant energy at the end of the current move. The RSI indicator presents difficulty in determining the direction as it fluctuates near the outer region. However, the STOCH indicator is pointing to a bounce near the boundary, hinting at a potential breakout from the recent upward movement in price.
Please be sure to do your own research and consider the risks before making any trading decisions.
