MKR Testing Key Psychological Price Level at $1,500

• MKR is testing the key psychological price level at around $1,500.
• The altcoin whale accumulation and rising large transactions hint at a potential reversal.

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 according to CoinMarketCap.

Despite the price slump, MKR’s trading volume has soared by 54% to reach $288 million, indicating growing market activity. This could suggest increasing interest from market participants seeking a potential reversal.

The Key $1500 Psychological Level

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

Failure to hold above this level 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.

However, breaching the $1,500 price could see MKR prices dip further to test the next demand zone at $1,345.

Accumulation Phase Incoming?

Although price action is bearish, MKR’s on-chain data reveals a more positive scenario. Large MKR transactions have increased by more than 10% over the last day, indicating heightened trading activity among big players.

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

Additionally, another newly created wallet, “0x1d1d,” withdrew 900 MKR ($1.33M) from Binance, suggesting possible accumulation for the coin.

Besides whale activity, MKR’s network growth is also showing signs of recovery, with IntoTheBlock data indicating a relative gain. 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 intense. If MKR holds above this critical support, continued buying pressure may propel prices for a potential recovery.

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