Potential Decline in Supply Zone
MKR faces a familiar challenge at a supply zone, historically stalling price growth and initiating downward trends. While a demand zone suggests potential for an upward move, the risk of another downward shift looms as MKR navigates the supply zone. Traders should monitor the trend line, as a break could lead to further declines.
12/4/20231 min read
MKR is currently in a supply zone, a level it has reached before, leading to a halt in price increase and a subsequent downward trend. It has established a demand zone, indicating potential for upward price movement.
However, with MKR at the supply zone again, there's a risk of another downward shift. The asset is following an upward trend line, but a break below this trend could trigger a fall towards further demand areas.