Maker (MKR) is Impacted Negatively by Ledger’s ‘Recover’ Option

Ledger’s recovery option sparks concerns, impacting Maker negatively due to concerns regarding privacy and security expressed by users. Despite CEO Pascal Gauthier’s attempts to reassure users, skeptics contend that this service contradicts Ledger’s commitment to protecting private keys. This feature, accessible on the popular Nano X wallet, encrypts and replicates users’ private keys, distributing them among Ledger, Coincover, and an independent backup provider.

Today is the day. I’m glad to announce that our secure wallet recovery solution Ledger Recover, provided by Coincover, is now available for Ledger Nano X users. You can subscribe to this paid and optional service here:https://t.co/rHKDR3fS7N

— Pascal Gauthier @Ledger (@_pgauthier) October 24, 2023

Some users cynically observe that Ledger is asking customers to pay for a service that makes their private keys more susceptible, leading to a surge in negative sentiment within the cryptocurrency community. Critics stress the risks of relying on third parties to safeguard sensitive information, potentially influencing Maker (MKR) users and contributing to a bearish outlook for the cryptocurrency.

Maker Key Levels To Watch: October 24

The order flow of the market is currently bullish as it keeps expanding along the rising trendline. However, according to the RSI (Relative Strength Index), the market has been overbought, and a decline is highly probable.

The impending decline is likely to breach the rising trendline, which has been acting as a diagonal support since June 2023. Moreover, the MA Cross is contrasting, strengthening the possibility of MKRUSD crashing anytime soon.

Maker Key Levels

Resistance Levels: $1600.00, $2280.00, $3000.00

Support Levels: $980.00, $800.00, $500.00

MKR Metrics

Total Market Capitalization: $1.06T

Maker Market Capitalization: $1.42B

Maker Volume: $121M

Market Rank: #33

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