Maker (MKR) faces a critical juncture at $1,500 as on-chain metrics suggest a potential bullish reversal despite a recent price dip.
Maker ( MKR ) is facing a crucial test at the $1,500 psychological level as its price plummets. Despite a 10% drop in the past 24 hours, trading volume has surged by 54%, indicating heightened market activity and potential interest in a reversal. The altcoin currently trades at $1,473.92, with the daily chart structure suggesting a bearish bias. A failure to hold above the $1,500 support could trigger a further decline to $1,345.However, on-chain data paints a more optimistic picture.
Large MKR transactions have increased by over 10% in the last day, signaling increased activity from large investors. Notably, a whale wallet identified as “0xB4eA” recently purchased 3,334 MKR worth approximately $4.89 million from decentralized exchanges (DEX) and Binance. Another newly created wallet, “0x1d1d,” withdrew 900 MKR ($1.33 million) from Binance, hinting at potential accumulation.Adding to the positive sentiment, MKR's network growth is showing signs of recovery. IntoTheBlock data reveals a relative gain in MKR's network growth, with the growth rate currently standing at 1.29%. The battle between bulls and bears intensifies around the $1,500 psychological level. If MKR manages to hold above this critical support, continued buying pressure could fuel a potential recovery
Maker MKR Cryptocurrency Price Prediction On-Chain Data Bullish Reversal
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