Hello everyone, I invite you to review the MKR chart on a four-hour interval. As we can see, the price has risen from the downward trend line marked with a yellow line, but currently we are moving in a visible upward trend channel, marked with blue lines.
Let's start by marking support places for the price and we can see that first we have a support zone from $1277 to $1220, but if the price drops lower, we have a second zone from $1173 to $1127, and then a third strong support zone from $1062 to $978.
Looking the other way, we can similarly determine the resistance areas that the price must face. And here we see that the price has currently fallen through the resistance zone from $1,350 to $1,407, but when we break out of it, we can see an increase to the area of the second zone from $1,498 to $1,563.
The CHOP index indicates that we still have a lot of energy to make a move, the RSI after the rebound shows an increase with room for the price to go higher, but looking at the STOCH indicator we can see that the blue line has exceeded the upper limit, which may cause increases and even give the price a rebound.
Let's start by marking support places for the price and we can see that first we have a support zone from $1277 to $1220, but if the price drops lower, we have a second zone from $1173 to $1127, and then a third strong support zone from $1062 to $978.
Looking the other way, we can similarly determine the resistance areas that the price must face. And here we see that the price has currently fallen through the resistance zone from $1,350 to $1,407, but when we break out of it, we can see an increase to the area of the second zone from $1,498 to $1,563.
The CHOP index indicates that we still have a lot of energy to make a move, the RSI after the rebound shows an increase with room for the price to go higher, but looking at the STOCH indicator we can see that the blue line has exceeded the upper limit, which may cause increases and even give the price a rebound.