Support Retest Signals Potential Upside
After peaking at $1,360, MKR reveals a bearish trend, recently retracing to a crucial $1,000 support level. This point has triggered a 20% price surge in past tests. A favorable response at this level could signify a bullish trajectory towards the $1,400 and $1,600 resistance zones.
9/11/20231 min read
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.