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- 1 The Maker price prediction is based on the coin price pulled back from resistance in the last few days.
- 2 As per Maker Price (BITSTAMP: MKR), the coin price increased by 1.27% over the last 24 hours.
- 3 The price of the Maker coin is trading at $1155.49 and the 52-week price bound range is $505.90 – $1268.47.
DAI is a decentralized stablecoin that users can create and manage on the Maker platform. The Maker Protocol’s key parameters such as collateral types and rates, and stability fees, are decided by the votes of MKR holders. MKR is the governance and utility token of the platform, and it also helps to maintain DAI’s value at one US dollar by being created or destroyed as needed.
Maker Coin(MKR) has a maximum market cap of $1,165,272,511, as reported by CoinGecko, a website that provides crypto data and information. This is based on the assumption that all 1 Million MKR tokens are circulating today, which is the fully diluted valuation (FDV) of the project. However, the actual FDV may take years to reach, depending on how MKR tokens are emitted over time.
As per Coinmarketcap, Maker crypto plummeted by 5.44% in market value and also by 5.88% in trading volume in the last 24 hours. Its market value is $$1,132,253,844 and its trading volume is $119,239,049. There are 977,631 MKR in circulation.
Maker Coin’s (MKR) open interest is $110.48 Million. As per Coinglass, another crypto analysis website, it fell by 13.44% in the previous session. The long versus short ratio for 24 hours is 1.0186. The total number of short positions added in the last 24 hours is $112,731.278 against longs of $254,741.075.
Moreover, the Maker Coin has shown good performance this month, as it is up by 70.39% and it has surged by 74.99% in the past six months. Also, the year-to-date return of MKR price is positive with a 129.15% incline.
Maker Price Technical Analysis in 1-D Timeframe
The Maker Coin price began its journey in 2023 with a bullish rally making higher highs and higher lows from $515.30 to $1263.90, from the demand zone at $515.30 and giving 145% (approx.) upward movement in about two months.
However, it pulled back and dropped around 9% in the last few days by moving downwards making lower lows.
Till the day of writing, the Maker coin price is trying to hold at its current level of $1155.49. Moreover, the MKR price is trading at the nearest support level of $1117.40 to rise more. The coin needs more bull power with momentum to break above the barriers. We can expect an upward move soon only if more volume builds up in Maker price.
Therefore, if the Maker price holds the CMP level, then the price may go up and reach the targets of $1266.81 and $1444.54. However, if the Maker price is rejected from the CMP level and falls, then it may reach the nearest support levels of $1117.40 and $946.47.
At the time of publishing, the MKR coin price (BITSTAMP: MKR) is trading above the 20, 50, 100, and 200-day EMAs (exponential moving averages), which is supporting the price trend. Hence, the Maker price prediction expects the prices to move upwards giving bullish views over the daily time frame chart.
The MACD line at 83.94 and the signal line at 74.24 is above the zero line and gave a bullish crossover, suggesting bullish signals. The current value of RSI is 69.48 points and the 14 SMA is above the median line at 65.79 points which indicates an upward direction and bullish sentiment in the market.
Conclusion
The Maker price prediction highlights the sentiments and perspectives of investors and traders regarding the Maker coin price being bullish in the 1-D time frame. The Maker price action reflects an optimistic view at the time of publishing. Moreover, the technical parameters of the Maker price suggest the continuation of the uptrend over the daily time frame chart. Major legitimate indicators MACD, RSI, and EMA, suggest positive signals about the Maker coin price.
Technical Levels:
- The nearest support levels are $1117.40 and $946.47.
- The nearest resistance levels are $1266.81 and $1444.54.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
