Maker Falls 32% in Just 30 Days: Is There a Chance of a Trend Reversal
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- MKR has decreased by 32.58% in the past month.
- An analyst has forecasted a potential trend reversal, highlighting a bullish crossover in key indicators.
While the crypto market has experienced significant gains over the last month, Maker [MKR] has taken an alternate route. The altcoin has suffered a notable decline on its price charts.
As of now, Maker is trading at $1111, down 32.58% for the month and down 6.14% over the previous week.
However, in the past day, market optimism has surged as MKR’s trading volume rose by 55.39%. This uptick indicates signs of potential revival for MKR.
With renewed interest from investors, excitement is growing among crypto analysts. Ali Martinez, a prominent analyst, shared on X (formerly Twitter) that MKR appears to be exhibiting a bullish crossover according to Stochastic RSI (StochRSI). p >Market sentiment analysis strong > h2 > In his analysis, Martinez suggested that Maker’s TD sequence is signaling a buy opportunity. This indicates that the current downward trend may be losing steam and buying pressure is starting to rise in the market. p > p > Source: X. p > div > He asserts that MKR’s RSI shows an oversold condition on its 3-day chart presenting an attractive buying opportunity for investors who purchase during dips. p > Additionally, he analyzed the StochRSI and pointed out its bullish crossover; importantly, it was noted that K-line crossed above D-line just three days prior indicating increasing upward momentum. p > Martinez concluded his optimistic viewpoint regarding MKR suggesting MACD indicators are poised to turn bullish soon based on recent chart patterns… P >Although Martinez’s analysis provides a positive perspective , certain other metrics indicate contrasting developments .
Source: Santiment
The count of active addresses declined from 916 to 388— indicating reduced user activity suggesting waning confidence among investors coupled with declining demand for altcoins .
Source: Cryptoquant .
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The increase suggests active transfers of MKR tokens toward exchanges implying preparation for sales.
This reduction shows little willingness among holders prompting diminished interest amongst market participants .
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This observation further receives support via indications showing dwindling outflow volumes relating to Maker’s token followed by observable decreases falling suddenly from approximately3360tokens^toannahablalptfollowingbelow4196 kensing€.e60000woinat
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So in conclusion – while (Martinez sees upward positional changes ensuing across markets ). However ,developments discerned on-chain continue expressing dominant strengthening patterns which maintain overall bearish inclinations alongside risk possibly encountering further drops ahead before broadening attempts towards recovering bull scenarios.
Current estimates place support around $1000 ; Conversely should deterioration paths lessen ,
Curve evaluations potentially encounter elevations near $1250 overtaking healthier winddictive data over shorter frameworks projecting positivity.
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