Potentially a good time for LONG MKR/USDHello everyone, let's look at the 1W MKR to USD chart, in this situation we can see how the price created a lower low with the last drop, what is important is that now it goes up creating a new higher local high. What's more, we can see how the ema cross 50 and 200 approached each other, but the price exiting upwards should maintain a long-term upward trend. We can also see how the whole thing is moving in a descending triangle, but an exit from the yellow downward trend line upwards can give a new strong upward movement.
Let's start by defining the goals for the near future that it has to deal with, and here you can see how the price bounced off the first target:
T1 = 1631 USD
T2 = 2159 USD
Т3 = 3015 USD
Т4 = 3607 USD
As for support or potential stop-loss when opening a long, we need to consider a strong support zone from $1028 to $542, with the level around $790 being key, as it is our last lower low in declines.
The RSI and STOCH indicators show an attempt to break out of the local downtrend lines upwards, which may also have a positive impact on the next price movement.
