Support Retest Signals Potential Upside
Following its recent peak around $1,360, the cryptocurrency MKR underwent a significant shift in its price trajectory. Over the past few weeks, MKR exhibited a notable bearish momentum as it decisively breached the lower boundary of its previously established upward channel.
A discernible pattern has emerged since then, with the price retracing towards the upper limit of its weekly range channel. Remarkably, this upper boundary aligns perfectly with a crucial support level at $1,000. This support level has been rigorously tested multiple times, consistently generating positive price reactions. These repeated interactions have culminated in an impressive 20% price surge for MKR.
Currently, MKR is retracing back to this critical support level, ostensibly to retest the point from which the aforementioned price surge originated. In the event that a favorable response is once again witnessed at this support level, there is the potential for MKR to embark on a gradual and sustained upward trajectory. This ascent could carry the cryptocurrency towards the resistance zones situated at $1,400 and $1,600, marking a prospective continuation of its bullish momentum.
A discernible pattern has emerged since then, with the price retracing towards the upper limit of its weekly range channel. Remarkably, this upper boundary aligns perfectly with a crucial support level at $1,000. This support level has been rigorously tested multiple times, consistently generating positive price reactions. These repeated interactions have culminated in an impressive 20% price surge for MKR.
Currently, MKR is retracing back to this critical support level, ostensibly to retest the point from which the aforementioned price surge originated. In the event that a favorable response is once again witnessed at this support level, there is the potential for MKR to embark on a gradual and sustained upward trajectory. This ascent could carry the cryptocurrency towards the resistance zones situated at $1,400 and $1,600, marking a prospective continuation of its bullish momentum.
💎 We believe that everyone can trade and deserves the opportunity to succeed in the world of cryptocurrency and take advantage of its potential.
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.