Maker (MKR), Loopring (LRC), and Mantle (MNT) price analysis as the cryptocurrency market attempts to recover

Bitcoin (BTC) surged above $57k as the cryptocurrency market attempted to recover from last week's sharp decline to a low of $53.3k.

After a sharp decline last week, cryptocurrency markets attempted to recover on September 9, with Bitcoin (BTC) rising above the $57k mark.

The broader market faced additional pressure due to a persistent trend of net outflows, as noted by Santiment.

However, there was optimism surrounding risk assets ahead of the US Federal Reserve’s interest rate decision later this month, which could be influencing market sentiment.

Whale activity and the upcoming US elections are also key factors impacting the market.

With these dynamics in mind, let’s examine the outlook for Mantle, Loopring, and MakerDAO.

Maker (MKR) price: Where is it heading?

Maker Protocol recently unveiled a rebranding to Sky, introducing two new tokens: SKY and USDS.

However, MKR, the native governance token of MakerDAO, and DAI, the stablecoin, will continue to be used and circulate.

MKR will remain the governance token, but holders can swap it for SKY at a ratio of 1:24,000.

The price of MKR has declined since the rebranding, falling from around $2,200 to a low of $1,507.

While Maker’s price briefly rose above $1,650 on September 9, it dipped back below $1,585 at the last check.

For a retest of recent highs, bulls need to push the price above the $1.8k level, which is currently capped by the 20-day EMA.

If they succeed, a return to $2.2k could be on the cards.

However, if bears gain strength, MKR may face further downside, with potential support levels at $1,268 and $1,000.

Loopring price: Will DeFi drive LRC higher?

Loopring (LRC) has been on a downward trajectory since hitting its year-to-date highs above $0.54 in March.

Over the past few weeks, LRC has broken through key support at $0.20, reaching lows of $0.11.

This decline aligns with a drop in Loopring’s total value locked (TVL), which has fallen from highs of $360 million to its current level of $44 million.

After bulls pushed it back above $0.12, could the altcoin’s price recover? Loopring may benefit not only from a potential shift in the broader market sentiment but also from an increase in DeFi activity.

The recent launch of Loopring DeFi, a new Loopring layer 3 dApp, is expected to drive this activity.

Offering features like block trade, leveraged trading, and high-yield investments, Loopring DeFi is now live on Taiko, a decentralized, Ethereum-equivalent zero-knowledge rollup network.

On the daily price chart, bears still appear to be in control.

However, if bulls manage to gain momentum, key resistance levels lie at $0.17 and $0.20.

A break above these levels could see LRC retesting $0.50 and higher in the near term.

Conversely, if the price dips further, LRC could break below $0.10, signaling additional downside for the altcoin.

Mantle price: Can bulls target more gains?

随着比特币跌至 53,300 美元的低点，Mantle (MNT) 从周末触及的 0.52 美元低点反弹。

BTC 的反弹也导致 MNT 价格突破至 0.56 美元的高位。

虽然这种上涨趋势表明多头正在走强，但价格仍远低于 4 月份达到的年初至今峰值 1.44 美元。

因此，地幔价格仍处于下降趋势，买家如果想重新测试近期高点，就需要与空头争夺控制权。

MNT 代币奖励计划和非托管以太坊 (ETH) 流动质押协议 mETH Protocol 是 Mantle 当前情绪翻转的一部分。

下降三角形形态表明，尽管地幔价格从支撑线反弹，空头可能过于强劲。

然而，在尝试达到 1 美元的心理水平之前，MNT/美元可能会出现逆转，目标是 0.65 美元和 0.79 美元。

相反，如果继续下去，MNT 可能会达到 2023 年 10 月的 0.30 美元左右的支撑位。

The above is the detailed content of Maker (MKR), Loopring (LRC), and Mantle (MNT) price analysis as the cryptocurrency market attempts to recover. For more information, please follow other related articles on the PHP Chinese website!