Maker Could Recover towards $2000
Maker (MKR) is down by 12.5% this week, trading at $1,447, underperforming the broader crypto market, where Bitcoin (BTC) has lost 6.4%, now priced at $61,300.
Despite this short-term decline, Maker continues to show promising long-term potential with ongoing development and expansion plans. The project is undergoing a major rebranding, and Grayscale's introduction of the MakerDAO Trust in August indicates increasing institutional demand for Maker’s products.
From a technical perspective, MKR has been forming a falling wedge pattern since April 4, which often signals an upcoming bullish reversal. With this in mind, a strong rebound could be on the horizon, potentially pushing the token towards the $2,000 mark and possibly breaking through the downtrend’s resistance.
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