Hello everyone, let's take a look at the MKR to USDT chart on a 4-hour time frame. As you can see, the price is moving above the local uptrend line.
When we unfold the Fib Retracement grid, we can see that the price is above the support zone from $1,487 to $1,456, and then we mark the second strong zone from $1,406 to $1,371.
Looking the other way, we see that the price is fighting in a strong resistance zone from $1,497 to $1,542, when we break out of this zone higher, the next resistance is at $1,601.
It is worth paying attention to the STOCH indicator, which shows that the energy exceeds the upper limits of the range, which may translate into a rebound in the coming hours.
When we unfold the Fib Retracement grid, we can see that the price is above the support zone from $1,487 to $1,456, and then we mark the second strong zone from $1,406 to $1,371.
Looking the other way, we see that the price is fighting in a strong resistance zone from $1,497 to $1,542, when we break out of this zone higher, the next resistance is at $1,601.
It is worth paying attention to the STOCH indicator, which shows that the energy exceeds the upper limits of the range, which may translate into a rebound in the coming hours.