Hello everyone, I invite you to review the MKR chart against USDT on a one-day interval. Let's start with determining the direction of the movement and here we have a downtrend channel, what's more, we can mark with the yellow line the local downtrend line under which the price is currently located.
Now we will check the situation with support, which we can take into account when the price starts to fall more strongly and as you can see, we have the first support around $ 587, but if the price goes down from this support, we have the next support only at the price of $ 432.
Looking the other way, we can also check the places of resistance when the ADA price starts to rise and here we have the first resistance at $754, the second resistance at $840, the third at $911 and the fourth at $979.
It is worth noting that we had two lows, the second of which was lower than the first, and similarly, we have two highs where the second is lower than the first, but the current low, if not deepened, will be a higher low than the previous one, which could indicate a change in trend.
Looking at the lows and highs, we can expect a trend reversal to this, the CHOP index indicates that we are collecting more and more energy, and the MACD indicator also indicates that the downward trend, lasting over a month, turns into an upward trend.
Now we will check the situation with support, which we can take into account when the price starts to fall more strongly and as you can see, we have the first support around $ 587, but if the price goes down from this support, we have the next support only at the price of $ 432.
Looking the other way, we can also check the places of resistance when the ADA price starts to rise and here we have the first resistance at $754, the second resistance at $840, the third at $911 and the fourth at $979.
It is worth noting that we had two lows, the second of which was lower than the first, and similarly, we have two highs where the second is lower than the first, but the current low, if not deepened, will be a higher low than the previous one, which could indicate a change in trend.
Looking at the lows and highs, we can expect a trend reversal to this, the CHOP index indicates that we are collecting more and more energy, and the MACD indicator also indicates that the downward trend, lasting over a month, turns into an upward trend.