Maker (MKR) Market Analysis: Potential Rebound and Key Support Levels

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Despite Maker (MKR) having only risen 25% over the past month, which is relatively modest compared to other markets, the current market sentiment and technical indicators suggest that MKR may rebound from its current level. Here is a detailed analysis of the current situation of MKR:

Price Performance:

Currently, MKR is priced at $1,854.09, experiencing a slight decline of 0.25% in the past 24 hours.

Market sentiment indicates a possibility of a rebound, especially as the current price is close to key support levels.

Price Volatility:

Although MKR recently broke out of a downward channel since March, it is still struggling to form a sustained upward momentum, with the price remaining below market expectations.

Support Levels and Rebound Potential:

Key Support Level: MKR is currently trading around $1,854.09, with this area extending down to $1,656.55, which has historically been a strong support region.

If MKR can maintain stability at these support levels, a rebound may be on the horizon, with the price potentially rising to $3,970.

IOMAP Data Analysis:

According to IntoTheBlock's IOMAP (In/Out of the Money Around Price) indicator, a significant number of buy orders have emerged at the support level of $1,858.03. This indicates strong support at this level.

Buy Order Volume: At this support level, a total of 1,020 addresses have placed buy orders for 150,560 MKR, showing concentrated buying interest.

This data supports the idea that the $1,858 support area could be a key catalyst for MKR's rebound.

Block Trade Volume Analysis:

In recent days, the number of block trades has significantly decreased from 124 to just 27, and the block trade volume has also dropped sharply to 9,270 MKR.

A decline in block trade volume typically indicates reduced selling pressure, which supports a price rebound, especially near the $1,858 support area.

MKR shows potential for a rebound near the current support area, with the $1,858 support zone providing a foundation for a short-term bullish scenario. The decrease in block trade volume and the concentration of buy orders provide momentum for the increase. Investors should closely monitor whether this support area can remain stable and watch for a potential breakthrough towards higher price targets of $3,970.

Watch live to catch the bull market!