The post Maker [MKR] holders adjust their positions – Will the support at $1,300 hold? appeared on BitcoinEthereumNews.com.

At press time, MKR was testing support at $1,279 as cost basis clusters hinted at heavy investor positioning between $1,300 and $1,500 MFI at 29.04 hinted at oversold conditions and by extension, a potential bounce on the charts Maker’s [MKR] price action over the past few weeks has been volatile, with the crypto noting a reversal on the charts after hitting a mid-February low. In fact, the token rallied to $1,700, only to retrace back to $1,350 – A sign of heavy engagement from investors at key price levels.  Using the Cost Basis Distribution metric, we can analyze how MKR holders are reacting to price movements, which supply clusters have been absorbed, and where new ones are forming. The insights from this analysis can give us a clearer outlook on where MKR might be heading next. Cost Basis Distribution – Where are investors positioned? The Cost Basis Distribution chart provides us a detailed breakdown of how Maker investors have engaged with price movements. The supply clusters highlighted regions where buyers have historically entered the market and where distribution has occurred. The data suggested that a significant number of investors accumulated MKR when it was trading between $1,300 and $1,500. This zone has acted as a critical accumulation zone. And, as the price approaches this range again, investor behavior will determine whether support holds or if further downside is likely.  Source: Glassnode Above $1,500, the supply clusters seemed to thin out – Indicative of the fact that resistance could form if price attempts to reclaim these levels. Altcoin’s support and resistance levels At the time of writing, MKR was trading at $1,279, following a 1.31% decline in the last 12 hours. The 50-day moving average [MA] sat at $1,331, with the same acting as a resistance level on the charts.  A…

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Filed under: News - @ March 9, 2025 4:08 am