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- 1 Maker price currently trades at $1275 while observing a gain of 2.99% during the intraday trading session.
- 2 MKR price surges above 20,50,100, and 200-day exponential moving averages.
- 3 MakerDAO community to consider allocating up to $100 Million from its reserves for investment in tokenized US Treasury Bill (T-Bill) products.
Maker price has been in an uptrend, forming higher lows, rising from the support level of $615, and an annual high of $1370. The cryptocurrency price faced strong rejection from $1370, which induced negative sentiment in the market. MKR price entered a corrective mode and retraced to form a support at $1000.
Recently, MKR’s price formed support at $1080 and commenced a bullish rally to break the consolidation zone, ranging between $1080 and $1160. The asset price successfully broke out but faced rejection near $1285.
After the rejection, Maker price has printed bearish candles for the past three days. The current candle is bullish as well and is trying to form a support.
If the current candle closes bullish and the next candle breaks the high of the current candle and the $1285 resistance level, then MKR price might retest the resistance level of $1350 and potentially an annual high of $1370.
On the other hand, if bears can push the price below the recent support of $1235, the Maker price might melt down to retest the $1160 level.
Proposal For MakerDao to Invest in Tokenized T-Bills
A proposal has been put forward by Steakhouse, a decentralized autonomous organization (DAO) – focused financial advisory firm, in partnership with Phoenix Labs, a research and development company, urging the MakerDao community to consider allocating up to $100 Million from its reserves for investment in tokenized US treasury bill (T-Bill) products.
The proposal is currently in discussion, exploring new avenues for financial innovation within the decentralized finance ecosystem.
By investing in Tokenized T-Bills, MakerDao seeks to bolster its balance sheet by gaining exposure to low-risk, liquid traditional assets.
The proposed allocation of up to $100 Million for developing and experimenting with tokenized T-Bill products reflects MakerDAO’s commitment to continuous innovation and exploring new possibilities within the DeFi landscape.
Will MKR Price Retest Annual High in September?
The cryptocurrency price has jumped above 20, 50, 100, and 200-day exponential moving averages, indicating bullish momentum. The Chaikin money flow hovers above the 0 mark and trades at 0.02, suggesting slight strength in the market.
The relative strength index trades at 65.34, nearing the overbought zone, suggesting a strong bullish momentum. RSI will soon become overbought if bullish momentum prevails, indicating a chance of a short-term pullback in the price. The long-short ratio is 1.12, with 52.91% longs and 47.09% shorts, indicating a higher buying position in the last 24 hours.
Conclusion
The market structure and price action of Maker are strongly bullish and need to break above $1285 to retest the annual high.
Technical Levels
Major support: $1235 and $1160
Major resistance: $1285 and $1350
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
