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- 1 Maker price took support and increased by 14.12% over the last month.
- 2 The price of the Maker is trading at $1285 and the 52-week range is $510 – $1357.
MKR, a DAO token that creates Dai stablecoin, rose 75.45% in a year, beating BTC’s 54.76%. Whales bought MKR, pushing its price and demand. A whale became the 9th largest holder with 16.205 MKR on September 14, 2023. MKR governs and stabilizes Dai on Ethereum.
Recently the Maker (MKR) asked to join them in it’s unveiling of SubDAO, a decentralized autonomous organization platform, hosted its Genesis Event in Singapore on Tuesday, September 12, 2023.
The event introduced SubDAOs, which are sub-organizations that can contribute to various projects and communities using blockchain technology. The event also showcased some of the early SubDAOs and their achievements. The event took place from 4:00 PM to 8:00 PM at the Marina Bay Sands Convention Centre.
Maker rose by 4.60% in market value and by 40.95% in trading volume in the last 24 hours, as per CoinMarketCap, which is a crypto data website. Its market value is $1,237,431,482 and its trading volume is $94,833,173. There are 977,631 MKR in circulation.
Technical Analysis of MKR on 1-D TimeFrame
The Maker price has been on an uptrend for the last six months, rising by 85.67% from its value. The price has been creating higher highs and lows, showing a gain of buyers.
The Maker price is now at $12.85 and jumping on an upward trendline and rising. The price is also above the 20 and 50-day EMAs, which are more support levels.
The Maker price could continue thrusting upwards and the next probable resistance levels could be $1353 and $1443, based on the previous highs and lows.
Alternatively, if the Maker price shows bearish traits in upcoming sessions then MKR might drop towards the probable support levels of $1195 and $1103.
At the time of publishing, the Maker price (MKR) is trading above the 20 and 50-day EMAs (exponential moving averages), which are supporting the Maker price trend.
The MACD line at 23.20 and the signal line at 6.31 are above the zero line and both lines cross each other and histogram gap is broadening in the MACD oscillator, highlighting a bullish momentum surge creating a bullish cross. The current value of the RSI is 67.84 points and the 14-day SMA is above the median line at 53.82 points. Collectively, the indicators view is strongly bullish.
Conclusion
The Maker price prediction shows a bullish outlook from investors and traders in the daily time frame. MKR price action reveals a positive price action and a strong trendline support is noticed as well at the time of writing. Moreover, the daily chart shows that the price might keep going up, according to the most trusted and widely used technical oscillators such as RSI, EMA, and MACD.
Technical Levels
- Support levels: $1195 and $1103
- Resistance levels: $1353 and $1443
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.
