With Bitcoin above $57k, what’s happening to MKR, LRC, and MNT prices?

2 months ago 13

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

The market has faced additional pressure due to a negative streak of net outflows. However, despite ongoing selling pressure, there is optimism surrounding risk assets, particularly with the upcoming US Federal Reserve’s interest rate decision this month.

Whale activity and the potential influence of the approaching US elections are key factors impacting market sentiment.

With these factors in play, what is the outlook for Mantle, Loopring, and MakerDAO? Let’s take a closer look.

Maker (MKR) price: How’s it doing?

Maker Protocol recently rebranded to Sky, introducing two new tokens, SKY and USDS. However, MKR, the native governance token of MakerDAO, and DAI, the stablecoin, remain in circulation and active use.

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

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

Although Maker’s price briefly rose above $1,650 on September 9, it has since dipped back below $1,585 at the time of writing.

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.

Should they succeed, a return to $2.2k could be possible.

However, if bears strengthen, 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 trend since hitting its year-to-date highs above $0.54 in March.

Over the past few weeks, LRC has fallen through key support around $0.20, reaching lows near $0.11.

The decline in Loopring’s total value locked (TVL) reflects this downturn, dropping from highs of $360 million to its current level of $44 million.

Could the altcoin’s price recover after the bulls pushed it back above $0.12? Loopring may not only benefit 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 layer 3 dApp, is expected to drive this activity.

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

On the daily price chart, bears still seem 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?

Mantle (MNT) has rallied from lows of $0.52 reached over the weekend as Bitcoin dropped to lows of $53.3k.

The bounce for BTC has also seen MNT price break to highs of $0.56.

While this upward movement suggests a strengthening for bulls, the price remains well below its YTD peak of $1.44 reached in April.

Mantle price is therefore still in a downtrend and buyers need to wrestle control from bears if they are to retest recent highs.

MNT token rewards programs and the non-custodial Ethereum (ETH) liquid staking protocol mETH Protocol are part of the current sentiment flip for Mantle.

The descending triangle pattern suggests bears may be too strong despite Mantle price bouncing off the support line.