Maker [MKR] Has Been Under Intense Selling Pressure Following a Steep 10% Decline in the Past 24 Hours

Maker [MKR] has been under intense selling pressure following a steep 10% decline in the past 24 hours. As of press time, the altcoin was trading at $1,473.92

Maker [MKR] has been bearing the brunt of selling pressure as the altcoin slid 10% in the past 24 hours. At press time, the MKR price was trading at $1,473.92, according to data from CoinMarketCap.

Despite the price slump, MKR’s trading volume soared by 54% to reach $288 million which shows growing market activity. This could be indicating interest from market participants who might be looking for a potential reversal.

The key $1500 psychological level

Maker is currently testing a key psychological support zone at around $1,500 price level. The overall daily chart structure painted a bearish bias for the asset.

If the bears manage to sink the price below this support, it could trigger a further drop to $1,345.

The ongoing price action reflects this uncertainty, with bulls trying to defend the zone while sellers maintain their dominance.

However, a breach of the $1,500 price could see the altcoin prices dipping further to test the next demand zone at $1,345.

Source: TradingView

Accumulation phase incoming?

While the price action presented a bearish case for MKR, its on-chain data unfolded a more optimistic scenario.

Large MKR transactions, visualized by IntoTheBlock, showed an increase of more than 10% over the last day, highlighting increased trading activity by the big players.

Source: IntoTheBlock

Lookonchain, in its recent tweet, reported that a whale wallet “0xB4eA” recently purchased 3,334 MKR for around $4.89 million from decentralized exchanges (DEX) and Binance.

The tweet further reported that another newly created wallet, “0x1d1d,” withdrew 900 MKR ($1.33M) from Binance, which suggests possible accumulation for the coin.

Besides whale activity, MKR’s network growth is also showing signs of recovery. The IntoTheBlock data indicated a relative gain on the MKR’s network growth. As of this writing, the network growth rate stood at 1.29%.

What next for Maker?

The bull-bear battle at the $1,500 psychological level remains crucial. If MKR manages to stay above this critical support, continued buying pressure can propel prices for a potential recovery.

However, failure to maintain this key zone could set the stage for a decline to $1,345 as the next support level.