MKR market analysis today:
1. K-line pattern:
The current MKR price is 1387.2 USDT, showing a fluctuating upward trend. The lower support level is 1300 USDT, while the upper main resistance level is 1450 USDT. The price has tested the upper resistance of 1450 USDT many times recently, but has not yet successfully broken through, indicating that the selling pressure in this area is strong.
If the price breaks through 1450 USDT, it may rise further to 1600 USDT or even 1700 USDT; if it fails to break through, the price may pull back to 1300 USDT, or even drop to the support level of 1200 USDT.
2. Technical indicators:
MACD: The MACD fast line diverges above the zero axis, indicating that the market bullish momentum is still strong. If MACD continues to diverge, the price is expected to continue to rise; but if the fast line and the slow line converge, be wary of short-term pullbacks.
RSI: The RSI is currently 67, indicating that the market sentiment is optimistic, but it is close to the overbought area (above 70). If the RSI breaks through 70, the market may face short-term correction pressure.
EMA: EMA7 (1375 USDT) is above EMA30 (1350 USDT), indicating an upward short-term trend, but EMA120 forms a strong resistance at 1450 USDT. If the price breaks through this position, further upward momentum may be confirmed.
3. Volume:
The volume increased during the price increase, indicating that the market buying power has increased. If the volume continues to increase when the price breaks through 1450 USDT in the future, it may push the price further up to 1600 USDT or higher.
Operation suggestions:
Long:
Entry point: You can consider going long when the price pulls back to around 1350 USDT.
Target stop profit: The first stop profit level is set at 1450 USDT, the second stop profit level is set at 1600 USDT, and the higher target can be set at 1700 USDT.
Stop loss point: The stop loss is set below 1300 USDT to prevent the price from falling below the key support area.
Short:
Entry point: If the price fails to break through the resistance at 1450 USDT, you can short in this area.
Target profit: The first stop profit is set at 1300 USDT, and the second stop profit is set at 1200 USDT.
Stop loss point: The stop loss is set above 1500 USDT to prevent the price from breaking through the resistance level.
The above views are for reference only and are not investment advice.
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