Compared to the rest of the market, MKR has struggled to gain significantly on the monthly charts with just 25% in gains. In fact, its market price has seen notable fluctuations lately, with a 24-hour decline of 0.25% too. However, at the time of writing, market sentiment suggested a potential rebound from its prevailing levels.
According to AMBCrypto’s analysis, large investors now appear to be driving MKR’s recent decline. A bounce remains likely if the critical support level holds, potentially paving the way for further upside.
Can MKR reach $3,970 in the coming sessions?
MKR recently broke out of an descending channel, a pattern it had been oscillating within since March. Despite this breakout, however, the token has struggled to gain upward momentum and remains below its anticipated levels.
At press time, MKR was trading at a key support zone around $1,854.09, with the range extending down to $1,656.55. This zone has historically acted as strong support, and if it holds, MKR could rally towards $3,970.
Source: Trading View
For this move to materialize, MKR must remain within the defined range and maintain buying interest at these levels.
Hence, AMBCrypto examined trader activity to assess whether the support zone is likely to hold, focusing on bid placement for MKR.#BinanceAlpha #BinanceAlpha #BinanceAirdropsCATandPENGU $BTC