MKR Is Struggling Below the Support at $2000
Maker (MKR) has dropped by 13.2% to $1,904.10 this week, recovering partially from an earlier loss of 22.2% on August 5. In comparison, Bitcoin (BTC) experienced a similar decline of 16.2% when it plunged to $49,035 on the same day but managed to recover most of its losses. While some altcoins have bounced back into the positive zone after the significant drop, MKR continues to struggle.
The reasons for this discrepancy are not entirely clear. Generally, investors are motivated by projects with high growth potential. MKR falling below the critical support level of $2,000 per token is a bearish signal from a technical analysis standpoint. However, this is unlikely to trigger a major sell-off as investors are still evaluating the current market conditions.
If MKR can rebound and sustain levels above $2,000, it may regain investor confidence. On the other hand, any further decline could spell serious trouble for the project.
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