Analysis of the 4-hour price trend of Lao A to $MKR on September 29, 2024
K-line pattern analysis:
Recently, the price of MKR has been fluctuating upward in the range of 1,600 to 1,700 US dollars. On the K-line chart, many K-lines show long lower shadows and positive lines, which indicates that there is strong support below during the price decline. This pattern usually indicates that the market is buying strongly and the price may rise further.
Technical indicator interpretation:
1. MACD indicator: Both DIF and DEA in MACD are above the zero axis, showing that the market is in a bull market. In particular, DIF is higher than DEA, which further confirms the buying momentum of the market. However, the MACD histogram has a tendency to shorten, which may be a potential callback signal
2. RSI indicator: RSI14 is close to 70 and has entered the overbought area. This may mean that there is a risk of callback in the market in the short term. But if RSI can continue to stay high, it means that the market's upward momentum is still strong.
3. EMA moving average: The arrangement of EMA7, EMA30 and EMA120 shows a bullish arrangement, which provides moving average support for further price increases. The current price of $1685.2 is very close to the support level of EMA7 ($1689.4)
Trading volume analysis:
The recent trading volume has shown a significant increase, especially the large-scale increase on September 27, showing a large-scale inflow of funds. However, the trading volume on September 28 and 29 decreased, which requires us to continue to observe the changes in trading volume in subsequent transactions to confirm the continuity of the market trend.
Buying strategy:
Buying point 1: 1650 USDT. This price is close to the previous low, and the integer level has strong support.
Buying point 2: 1625 USDT. This price is close to the EMA120 moving average, which is also a strong technical support level.
Stop loss point: The long stop loss point is set at 1610 USDT, which is slightly lower than the low point of the previous band and the EMA120 moving average, mainly to prevent losses caused by false breakthroughs.
Selling strategy:
Selling point 1: 1720 USDT. This price is close to the recent price high, and there is a possibility of selling pressure.
Selling point 2: 1750 USDT. This is an integer level and also a potential higher pressure level.
The short stop loss point is set at 1765 USDT, also to prevent false breakthroughs.
MKR's 4-hour price trend shows a fluctuating upward trend
