Price Analysis

This Altcoin Makes a Strong Recovery, Will it Ignite a Strong Recovery After the Recent Crypto Crash?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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  • Maker price has been incremental since the beginning of the day’s trade and is expected to maintain a significant upswing until the close

  • Meanwhile, the external factors and the bearish influence may try to hinder the rally but the MKR price could slice through the bearish captivity much earlier than the other popular crypto assets

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. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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