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- 1 MAKER price prediction suggests a strong upside trend. MKR has recently seen a positive crossover from 50DMA.
- 2 The correlation of MKR has seen a strong surge with BTC. MKR has seen a gain of 5.5% in the BTC pair
MAKER is a protocol on the Ethereum blockchain which allows users to issue and manage DAI stable coin. MAKER protocol also allows users to lend or borrow without the use of other intermixtures. The protocol uses collateralized debt positions to issue DAI. It involves depositing collateral in MAKER smart contracts to generate DAI. DAI is a stablecoin that is pegged to the US dollar. The protocol was created in 2015 by RUNE and its token was launched in 2017. MKR token can be used to vote on important decisions or upgrades in the network. MKR has 24411 holders and this number can grow in the future. MKR has loaned approximately $5.1 Billion and has deposits of $3.1 Billion. The correlation of MKR has seen a sudden surge with BTC in the past few days.It has seen a surge from -0.96 to 0.95 in just few days.It highlights towards the bullish move in price.
MAKER has a market cap of $732 million and is ranked 66th in the crypto world. The volume of the asset price has seen a decline of 25% in the intraday session. Volume to market cap ratio of asset price suggests a strong upside trend in price.
.Bulls Of MKR Are Ready
The weekly technical chart of MKR hint towards the rise in bullish momentum. MAKER is forming bullish engulfing candles on the daily chart.It is trading near the value of $782 with a gain of 7.6% in the intraday session. The upside trend of MKR can see a halt near the value of $900.Meanwhile, a bounceback in the asset price can be seen near $700 It is trading above the 50 and 100 Daily Moving Averages. There is a positive crossover from the 50 DMA and price which can push the price to a new high in the future. The asset price is down by 87% from its all-time high but can see a recovery soon in the future
The RSI of MKR is near 65 highlighting its presence in the overbought zone. There is a positive slope in it hinting towards a bullish momentum.
Summary
MAKER’s correlation with the BTC has been on a rise in the past few days.MKR is currently in a bullish trend and can see a new high of $1000 in the future.
Technical Levels
Major Support:$700
Major Resistance:$800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
