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- 1 The MKR crypto has displayed a sign of decline as the price fell around a critical level of $1560 on the charts.
- 2 The MKR token is experiencing a surge of 1.79% in the last 24 hours, trading at $1333.78.
MakerDAO is a Decentralized Autonomous Organization that operates on the Ethereum blockchain and is open-source. It is maintained by people around the world who own its governance token, MKR.
MKR token holders use a system of scientific governance that involves Executive Voting and Governance Polling to manage the Maker Protocol and the financial risks of DAI to ensure its stability, transparency, and efficiency.
MKR voting weight hinges on the amount of MKR tokens a voter locks in the voting contract, DSChief. It signifies that the more governance tokens secured in the contract, the more the judgment-making power voters get.
The Maker Protocol, which is built on the Ethereum blockchain, allows users to create currency.
The current features of the Maker Protocol are the DAI stablecoin, Maker Collateral Vaults, Oracles, and Voting. MakerDAO governs the Maker Protocol by determining on critical parameters (e.g., stability fees, collateral types/rates, etc.) through the voting power of MKR crypto holders.
The Maker Protocol, one of the greatest decentralized applications (dApps) on the Ethereum blockchain, was the first decentralized finance (DeFi) application to achieve significant adoption.
The Maker Foundation, which is a portion of the global Maker community, developed and launched the Maker Protocol with the support of several external partners. It is currently working with the MakerDAO community to initiate decentralized governance of the project and compel it toward complete decentralization.
Can Maker Crypto Rise or It Will Keep Falling?
The MKR crypto has displayed a sign of decline as the price fell around a critical level of $1560 on the charts.
Now it seems like the MKR crypto is headed for a steep drop, as it meets the resistance level and falls to new bottoms. If the current support zone breaks, the price could fall even deeper.
The Maker asset is exhibiting bearish weakness and falling capacity as it slides below major EMA’s. Its price is in a strong downtrend and the RSI shows no signs of oversold conditions, suggesting that the asset has more room to fall.
The MKR crypto asset is showing bearish traits and can lose more value. It has demonstrated poor performance in the past week and last month, falling by 7.49% and 5.85% respectively, and indicating a reliable downward trend.
The MKR crypto is experiencing a surge of 1.79% in the last 24 hours, trading at $1333.78. Therefore, if the MKR crypto price fails to stay above the $1300 level, it could decline further.
On the flip side, if the demand for the MKR remains high, the asset price could bounce back from the current level. If it rises, the next goal for the MKR price could be to reach $1450.
Summary
The MKR crypto has displayed a sign of decline as the price fell around a critical level of $1560 on the charts. Now, the MKR crypto price seems heading for a steep drop, as it meets the resistance level and falls to new bottoms. If it breaks below the current support zone, it could go even deeper. If the price fails to stay above the $1300 level, it could decline further.
Technical Levels
Support Levels: $1300
Resistance Levels: $1450
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.
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.
