MKR Token at the $1500 support level aims for a rebound recovery to $2,000 amid rising MakerDAO network fees.
As Bitcoin BTC $91 957 24h volatility: 2.7% Market cap: $1.82 T Vol. 24h: $39.84 B has broken under the $94,000 mark, Ethereum ETH $3 315 24h volatility: 1.5% Market cap: $399.83 B Vol. 24h: $19.71 B has lingered under the $3,400 barrier. Amid such bearish conditions, MakerDAO holds tight to the $1,500 psychological mark.
However, with the 18.94% drop over the past 30 days and the growing bearish influence in the crypto market, the increasing volatility in the MKR price MKR $1 472 24h volatility: 3.5% Market cap: $1.31 B Vol. 24h: $116.03 M trend warns of a bearish continuation.
Despite the market conditions succumbing to bearish powers, the MakerDAO network creates new milestones in December.
Amid the short-term increase in price volatility, the MakerDAO network registered a new record in December. Based on the data from DeFi Llama, the monthly fees on the network have crossed the $40 million threshold. Currently, it is at $42.19M.
Furthermore, the monthly revenues have crossed the $27 million milestone to reach $27.71M. This marks a new record for the network.
With revenues of $811,879 over the past 24 hours, the all-time fees stand at $560.01 million. Amid the increasing chances of a bullish year in 2025, the MakerDAO network growth suggests a bull run ahead.
In the daily chart, MakerDAO’s MKR token price exchange showcases a falling wedge pattern. Since December, the MKR price has dropped from $2425 to $1521.
The ongoing pullback phase puts the $1500 psychological market at risk. The downfall has broken under the 200-day, 50-day, and 100-day EMA lines.
Furthermore, it increases the chances of a bearish crossover between the 50-day and 100-day EMA lines. During the pullback, the RSI line dropped below the halfway level and consolidated slightly at 40%.
Hence, the technical indicators are giving a bearish outlook of the short-term MKR price trend.
Based on the Fibonacci level, the downfall has broken under the 38.20% Fibonacci level at $1,680. If the bearish trend continues, the downfall is likely to continue under the 23.60% Fibonacci level.
In the case of the falling wedge breakdown rally, the immediate crucial support at $1,054 is a potential downtrend. However, in the case of a bullish reversal, the breakout of the overhead resistance trendline could propel the MKR price back to the $2,000 significant mark.
As the pullback phase continues, the global in-and-out-of-the-money indicator highlights a crucial resistance ahead. As MakerDAO struggles to start an uphill journey, the immediate supply zone extends from $1,602 to $1,772.
The price band holds 138.09K MKR token supply within 3.61K addresses. However, the immediate support is comparatively weaker with just 1.16K addresses holding 2.75K MKR tokens.
The support zone extends from $1,413 to $1,434. The significant difference between demand and supply is highlighting a potential downtrend.
Currently, the money zone for the MKR token extends from $1,435 to $1,602 with 120.18K MKR tokens held within 6.7K addresses. While these addresses hold the fate of the upcoming price trend, the immediate levels hint at a bearish continuation.
In such a case, the MKR token is likely to test the $1,400 psychological mark.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
