Maker (MKR) has experienced a 2.7% decline this week, falling to $2885 amidst negative trends in the broader cryptocurrency market. Bitcoin (BTC) similarly dropped by 3.0% to $62,800 during the same period.

MKR currently faces two key support levels located around the $3000 mark: a horizontal support level and the support of the ascending channel. Maker project developers are also delivering positive fundamental factors. Spark, a Maker SubDAO-built DeFi infrastructure, has injected $100 million in new DAI liquidity through Morpho Blue, Morpho’s lending protocol. This initiative enables users to leverage efficient positions backed by MakerDAO, borrowing Ethena’s stablecoins, USDe and sUSDe. As investors require MKR to obtain DAI stablecoin, the demand for MKR is anticipated to rise.

Considering both technical and fundamental factors, MKR could potentially reach $3500. However, this scenario is contingent upon BTC maintaining a value above $60,000 per coin.