MKR Plunges 10% as Bulls and Bears Clash at $1500

Maker (MKR) has been experiencing a significant decline in recent hours, with a 10% drop in the past 24 hours. As of now, MKR is trading at $1,473.92, according to CoinMarketCap. Despite the price slump, trading volume has surged by 54% to reach $288 million, indicating growing market activity and potential interest in a reversal.

MKR is currently testing a key psychological support zone at around $1,500. If the asset fails to hold above this level, it could trigger a further drop to $1,345. The ongoing price action reflects uncertainty, with bulls trying to defend the zone while sellers maintain dominance. A breach of the $1,500 price could see the altcoin prices dipping further to test the next demand zone at $1,345.

Contrary to the bearish price action, MKR's on-chain data shows a more positive scenario. Large MKR transactions have increased by more than 10% over the last day, indicating an increased trading activity by the big players. Additionally, whale activity suggests possible accumulation for the coin. Lookonchain reported that a whale wallet "0xB4eA" recently purchased 3,334 MKR for around $4.89 million from decentralized exchanges (DEX) and Binance. Another newly created wallet, "0x1d1d," withdrew 900 MKR ($1.33M) from Binance, further suggesting possible accumulation.

The bull-bear battle at the $1,500 psychological level remains intense. If MKR holds 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.