The cryptocurrency market has been trying to recover after a sharp drop to $53.3k last week.
A negative trend of net outflows has added to the market’s pressure. Risk assets are still optimistic despite the ongoing pressure to sell, especially with US Federal Reserve’s upcoming interest rate announcement this month.
The market’s sentiment is influenced by the whale activity, the US election and its potential impact.
What are the prospects for Mantle Loopring and MakerDAO with these factors at play? Take a look at the details.
What’s the price of Maker (MKR), and how is it performing?
Maker Protocol rebranded as Sky and introduced two new tokens: SKY (the native governance token of MakerDAO) and USDS. MKR (the native governance token for MakerDAO) and DAI (the stablecoin), however, are still in use and circulation.
MKR is the new governance token. However, holders may swap MKR for SKY in a 1:14,000 ratio.
MKR’s price has dropped since the rebranding. It went from $2,200 down to $1,507, a significant drop.
Maker’s Price briefly rose over $1,650 in September, but has now dropped back to below $1.585.
Bulls must push the price over the $1.8k mark, currently capped off by the 20 day EMA, to retest recent highs.
If they are successful, $2.2k in return could be available.
If the bears gain strength, MKR could face further decline, and support levels of $1,268 or $1,000 may be possible.
Loopring price: Will DeFi drive LRC higher?
Loopring’s (LRC), since its high in March of $0.54, has seen a decline.
In the last few weeks LRC fell through key support at $0.20 and reached lows of $0.11.
This decline is reflected in the total value locked by Loopring (TVL), which has dropped from a high of $360 to its present level of $44 millions.
Can the price of the altcoin recover now that the bulls have pushed it above $0.12 again? Loopring could benefit not only from the potential change in market sentiment, but also an increase in DeFi activities.
This activity is likely to be driven by the recent launch of Loopring DeFi – a layer 3 dApp.
Loopring DeFi, which offers features such as block trading, leveraged investing, and high yield investments, is now live on Taiko. Taiko is a zero-knowledge, decentralized rollup network, equivalent to Ethereum.
The bears seem to still be the dominant force on the chart of daily prices.
If bulls gain momentum however, the key resistance levels are $0.17 and $0.05.
If LRC breaks above these levels, it could retest $0.50 or higher within the next few months.
If the price continues to drop, LRC may fall below $0.10 and signal further downsides for altcoin.
Mantle price: Can bulls target more gains?
Bitcoin has dropped as low as $53.3k, while Mantle (MNT), a cryptocurrency that is based on the same blockchain technology, has rallied.
Price of MNT has also risen to a high of $0.56.
This upward trend suggests that bulls are strengthening, but the price is still well below its peak YTD of $1.44 in April.
The Mantle Price is still on a downward trend. Buyers must wrestle the bears back to their side if they want to test recent highs.
Mantle’s current “sense of change” is a combination of MNT token reward programs, the non-custodial Ethereum liquid staking protocol mETH Protocol and its associated non-custodial Ethereum(ETH) liquid staking protocols.
Mantle’s price bounced off of the support line, but the descending triangle pattern indicates that bears are still too powerful.
If the trend is reversed, MNT/USD may target $0.65 or $0.79 prior to attempting $1.
In the event that MNT continues to grow, it could reach support levels of $0.30 in October 2023.
What’s the price of MKR, LRC and MNT? This post appeared first on The ICD
