The bloodbath on the crypto streets continues as the short-term bounces are expected to get recked very soon. Despite a small recovery above $16,500, Bitcoin price is still speculated to drop below $15,000 with the next of the capitulation phase, which has just begun.
In the meantime, the Maker (MKR) price maintains its strength and rebounds finely, recovering more than 80% of the loss incurred in the past couple of days due to Binance & FTX.
MKR’s price maintained a low-key start for the day and traded below $700 for quite a long time. However, the bears seem to be pretty exhausted which intensified the bullish activity pushing the prices higher close to the $800 level. The MKR price was trading around $835 when the crypto market crashed.
However, by registering a strong recovery, the possibility of the asset reclaiming a 4-digit level also becomes more valid.
- The MKR price has risen significantly since rebounding from lows below $650, but it is still a long way from reaching $800.
- With the recent rejection, the price may face a slight pullback to the local support at $760 and attempt to bounce back at the earliest
- Meanwhile, if the bulls fail to hold the price at these levels, the price may again fall into a deep bearish well
- Else the bulls intensify their hold, then after a brief consolidation between $800 & $760, the price may rise towards $850
- Clearing these levels may validate a flip in the market trends which may uplift the price towards the potential target around $925 and clearing these levels may rise the price beyond $1000
Collectively, very altcoins are maintaining their strength amid the ongoing crypto market crash and Maker is leading them. A steep 20% recovery from the lows indicates the asset is primed to be unaffected by the market sentiments. Hence the MKR price may find a bullish close for the month and also for the year 2022.