- 1 Maker price is currently trading at $678, while witnessing a decrease of -0.73% during the intraday session.
- 2 Maker price positively crosses 20,50 and 100-day EMAs.
- 3 The year-to-date return of Maker is +32.49%, while its three month return is -25.69%.
MKR price was in uptrend during the start of 2023 when the prices started to rise from $502, and then, went on to cause a rally of roughly 96%. The bullish rally led to the formation of an annual high at $980 level on March 5. The Maker price later went on to receive heavy rejection from the $980 level and bears jumped in the market to push the price down. The price had strong bearish momentum which enabled it to push the price down to $595 level.
The price was not ready to drop below $600 level and went on to receive strong rejection. However, Maker price regained bullish momentum and tried to retest the annual highs of $980. The price reached the $979 level and had enough bullish momentum to cross the highs, but the bears jumped in and pushed the price further below the $950 level. The candle of March 13 received strong rejection indicating that bears do not want the price to rise above $1000 level.
Recently, Maker price did a breakout from the consolidation zone ranging between $615 and $650. The price has been in a consolidation zone since 10 May. The previous candle received strong rejection from the $707 level indicating a decrease in bullish momentum. However, for price to reach an immediate resistance level of $727, it needs to break the upper wick of the previous candle. If it is able to overcome the resistance level of $727, there is a possibility that the price might head toward the $800 level but If bears jump in the market again, the price might retest the previous zone.
Maker Dao Proposal to Increase Dai Saving Rate (DSR)
Maker Dao has decided to increase their DAI saving rate from 1% to 3.33% through an upcoming vote, incentivizing users to deposit DAI and earn higher interest. This proposed DSR increase will help in potentially attracting more capital and solidifying DAI as a safe and high yield stablecoin.
Will MKR Price Rise above $700 Level?
The relative strength index trades at 62.57 indicates bullish momentum in the price. With the Chaikin money flow score being 0.16, it suggests strength in the market. The price has reached the upper band of bollinger and there are currently no signs of short term pull-back or reversal in the market. The bollinger bands have also expanded indicating high volatility in the market.
The long/short ratio is 1.10 with 52.4% longs and 47.6% shorts indicating increased bullish sentiments in the last 24 hrs for MKR price.
Conclusion
The price action and market structure for MKR price is bullish and it needs to rise above $700 psychological level to reach the $727 level. The technical analysis, however, has painted a bullish picture with moving averages and few technical indicators that favour the buying side.
Technical levels
Major support: $615 and $650
Major resistance: $727 and $800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.