Will Maker [MKR] dip to $1345? The ongoing decline suggests…

• MKR is testing the key psychological price level at around $1,500.
• The altcoin whale accumulation and rising large transactions hint at a potential reversal.

Maker [MKR] has been under intense selling pressure following a steep 10% decline in the past 24 hours. As of press time, the altcoin was trading at $1,473.92 according to CoinMarketCap.

Despite the price slump, MKR’s trading volume has soared by 54% to reach $288 million which shows growing market activity. This could indicate growing interest from market participants looking for a potential reversal.

The key $1500 psychological level

Maker is currently testing a key psychological support zone at around  $1,500 price level. The overall daily chart structure painted a bearish bias for the asset.

Failure to hold above this level could trigger a further drop to $1,345. The ongoing price action reflects uncertainty, with bulls trying to defend the zone while sellers maintain dominance.

However, a breach of the $1,500 price could see the altcoin prices dipping further to test the next demand zone at $1,345.

Source: TradingView

Accumulation phase incoming?

Though price action is bearish, MKR’s on-chain data showed a more positive scenario. Large MKR transactions have increased by more than 10% over the last day, indicating an increased trading activity by the big players.

Source: IntoTheBlock

Lookonchain, through its recent tweet, reported that a whale wallet “0xB4eA” recently purchased 3,334 MKR for around $4.89 million from decentralized exchanges (DEX) and Binance.

The tweet also reported that another newly created wallet, “0x1d1d,” withdrew 900 MKR ($1.33M) from Binance, which suggests possible accumulation for the coin.

Besides whale activity, MKR’s network growth is also showing signs of recovery. The IntoTheBlock data indicated a relative gain on the MKR’s network growth. As of this writing, the network growth rate stood at 1.29%.

What next for Maker?

The bull-bear battle at the $1,500 psychological level remains intense. If MKR holds above this critical support, continued buying pressure can propel prices for a potential recovery.

 However, failure to maintain this key zone could set the stage for a decline to $1,345.