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 broke sideways from the downward trend line.
Let's start by determining the support line and as you can see, the first support in the near future is $2,658, if the support is broken, the next support is $2,274 and $1,777.
Now let's move on to the resistance line, as you can see the first resistance is at $3,023, if you manage to break it, the next resistance will be at $3,438, then at $3,727 and then at $4,105.
Looking at the RSI indicator, you can see that we are approaching support, which may result in another attempt to rebound the price, and the STOCH indicator shows that there is still some room left to go down before it increases again.
Let's start by determining the support line and as you can see, the first support in the near future is $2,658, if the support is broken, the next support is $2,274 and $1,777.
Now let's move on to the resistance line, as you can see the first resistance is at $3,023, if you manage to break it, the next resistance will be at $3,438, then at $3,727 and then at $4,105.
Looking at the RSI indicator, you can see that we are approaching support, which may result in another attempt to rebound the price, and the STOCH indicator shows that there is still some room left to go down before it increases again.