Gains were muted following Monday’s breaking trend, even though the major cryptocurrencies on the market are experiencing instability today. While AAVE and Maker (MKR) are both exhibiting life on daily and weekly charts.
The Aave platform’s native cryptocurrency, AAVE, is up 2.6% over the previous day. But since its latest bottom last week, the token has increased by more than 15.1%, according to CoinGecko Statistics.
More significantly, the second in line of Wednesday’s gainers is MKR, an ERC-20 token native to the Maker protocol that was up 2.0% from yesterday and up 12.8% from last week.
Nevertheless, the past weekend proved unfavorable for the cryptocurrency market, even including the top currencies. Prices began to rise at first this new week, but unfortunately, they started reversing trends again just after.
The global crypto market cap was down at $923.27 billion, a marginally low of about 1.07% in the last 24 hours. While on the other hand, the total trading volume jumped more than 1.11% to $51.74 billion.
Along with other coins, leading coins such as Bitcoin (BTC) and Ethereum (ETH) also lost their Monday gain due to decreased volume and volatility in today’s crypto markets.
BTC is currently at $19,189, which is 2.10% less than it was yesterday, while Ethereum is also down by about 2.18% at $1,298.65.
Aave And MKR Making Progress Toward Recovery
AAVE was fighting against a crucial trendline of resistance, and this line coincided with its 50-day moving average ranging from $79 to $80.
In September, the token reached a considerable level of $96.11. The token’s price then plunges to new lows and fights to recover its value, floating during the whole month between $70 and $79, according to the data from CoinMarketcap.
After trading at $81.21 for the past 24 hours, it seemed like the token had broken through this key barrier for the first time this month and passed through after struggling for so long.
In addition, the token’s starting price was $262.21 in 2022. Since the start of the year, the price has dropped by 69%. The predicted token price by the end of 2022 is $95.23, which will increase to $138.08 in 2023.
Furthermore, MKR coin’s market cap rose to over $1 billion, and the token price is now worth $1,070. Although it’s difficult to find the specific reason behind this change.
The proposal made by Tyler Winklevoss, co-founder of Gemini Exchange, to integrate Gemini’s stablecoin, GUSD, into his company’s platform might have been the trigger for the rise of MRK’s market cap.
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