Maker is a DAO that operates on the Ethereum blockchain and also maintains the stability of DAI. DAI is one of the most popular stablecoins which has gained significant attention among the investors. There are over 400 apps and services which have integrated with DAI. Maker’s unique proposition lies in the fact that the holders can directly participate in the DAI governance. Every MKR token holder has the right to vote on the Maker protocol. The Maker interest monthly revenue has seen a decline in the past few months.
The total TVL of Maker Dao is nearly $6.85 Billion which has observed a decline in the past few months. The annualized fee of the MKR protocol is around $23.58 Million. The treasury of Maker protocol has also seen a decline in the past few months. Meanwhile, Maker Dao is looking to more than double the DAI savings rate. The adaptation of MKR may see a rise in the future.
MKR has a market cap of $616 Million and is ranked 67th in the CMC. The volume of Maker has seen a slight decline in the intraday session. The V/M ratio of MKR suggests a consolidated trend in price.
Are the Bears of MKR Pushing the Price Down?
The weekly technical chart of the Maker price suggests a consolidated trend in price. It has been moving in a downward trend in the daily chart. On the daily chart, MKR price is currently trading near the value of $631 with a small drop in the intraday session. The asset price upside trend can see a halt near the value of $670. Meanwhile, the support of the asset price can be observed near $600. The asset price is trading below the 50 and 100 Exponential Moving Averages. There can be a negative crossover in the future which can push the price down.
The RSI of MKR is near 44 with a negative slope in it. The overall sentiment of the RSI is bearish for the MAKER.
Summary
MAKER TVL along with the treasury has been observing strong growth in the past. MKR price is currently seeing a consolidated trend and can see a new high in the future.
Technical Levels
Major Support:$600
Major Resistance:$660
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/01/maker-price-prediction-is-mkr-price-ready-to-hit-the-1000-threshold/