Maker (MKR) Leads Crypto Market Recovery; Will DeFi Coins Follow?

The 2nd-largest DeFi network in the cryptocurrency market, Maker, witnesses a more than 5% surge, leading DeFi tokens’ recovery.

For now, the crypto space rides recovery waves as Bitcoin establishes itself beyond the $36K mark. Such developments had some alts gaining upside momentum. Maker (MKR), the 2nd-largest decentralized finance protocol in the cryptocurrency spectrum, saw increased traction.

Moreover, the coin’s over 5% upswing at this publication had market players optimistic on MKR and other DeFi tokens. That comes after the latest choppy price movements within the broad market.

Maker Seeing Gains

The past week’s sessions saw Maker testing the $1,614 lows, exploring value territories never seen since 2021 February. Remember, MKR recorded a new ATH of $6,247 last year May. However, the altcoin suffered a crash, trading about 69.49% down from the all-time high during this publication.

Though the token had commendable gains within 2021’s first two quarters, last week’s plummets had around 36%of MKR HODLers counting losses. That is according to IntoTheBlock data. That way, the alt’s sentiment remains bearish despite the 15% jump within the past 48 hours.

Recovery in DeFi Tokens

Decentralized finance tokens such as Fantom, Graph, Maker, and Aave lead with recoveries as Bitcoin saw a nearly 2% upward move. Fantom was among today’s top gainers with its 10% surge, leading assets in the top 100 crypto-list by market capitalization. Meanwhile, Graph and Aave saw a 3.8% and 2% surge, respectively. Moreover, Loopring gained 12.36% on its daily chart.

That way, DeFi protocols had their total value locked, declining by 2.8%, standing around $195.78 billion during this publication. Moreover, MKR’s TVL in decentralized finance saw a drop from $17.17 billion last week to $15.08 billion. Remember, Maker’s total value locked in DeFi attained an ATH of around $19.9 billion on 1 December when the alt exchanged hands at $3,030.

Though MKR has its RSI recovering alongside price in the near term, market players might see another decline with a U-turn from Bitcoin. Meanwhile, Maker’s following low stands at 41300 while bulls can eye the critical resistance at $2,240, then $2,500. While publishing this content, MKT traded 5% up at $1,905.77.

By Edward Richardson
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