Is MRK Price Targeting $1600?

MakerDAO is a Decentralized Autonomous Organization that runs on the Ethereum blockchain and is open-source. It is controlled by people around the world who own its governance token, MKR. MKR 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 depends on the amount of MKR a voter locks in the voting contract, DSChief. This means that the more MKR tokens secured in the contract, the more the voter’s decision-making power.

The Maker Protocol, which is built on the Ethereum blockchain, allows users to create currency. The current elements of the Maker Protocol are the Dai stablecoin, Maker Collateral Vaults, Oracles, and Voting. MakerDAO governs the Maker Protocol by deciding on key parameters (e.g., stability fees, collateral types/rates, etc.) through the voting power of MKR holders.

The Maker Protocol, one of the biggest decentralized applications (dapps) on the Ethereum blockchain, was the first decentralized finance (DeFi) application to gain significant adoption.

The Maker Foundation, which is part of the global Maker community, developed and launched the Maker Protocol with the help of several external partners. It is currently working with the MakerDAO community to start decentralized governance of the project and drive it toward complete decentralization.

Analysing the Daily Chart of Maker Crypto

The Maker cryptocurrency (MRK) price is gaining momentum and has crossed above the 20-day, 50-day, 100-day and 200-day EMAs, indicating a bullish tone in the previous trading session.

The cryptocurrency tested the demand area around $1,295 several times before finding support and recovering. Buyers have regained strength and are targeting the $1,700 level

The structure of the chart highlights volatility over the last few months as the cryptocurrency experienced numerous deviations from its $1,600 supply range. Levels, as low as around $1,350 acted as a support area and the cryptocurrency bounced back, causing the price to trade in a tight range.

Additionally, looking at the cryptocurrency’s trajectory, we can see that there may be strength and a rally after $1,600. However, in case of further deviations, the cryptocurrency will continue to trade in the congested zone.

Likewise, the bearish situation may continue below $1,300. At press time, Maker was trading at $1,475 with an intraday gain of 0.61%, above the 200-day EMA. At the same time, the intraday trading volume is 105.419 Million. The Maker cryptocurrency has a market capitalization of $1.442 Billion.

Furthermore, the RSI highlights that in the latest breakout, the Maker crypto is still in a strong uptrend and has not reached the overbought zone yet. The curve surged slightly to 60, indicating that the buyers are still in control.

Summary

The Maker Cryptocurrency (USD: MRK) technical oscillator is also supporting the bullish trend. MACD, RSI, and EMAs are showing positive signs, indicating that the uptrend is likely to continue. Analysis of daily price movements shows that investors and traders are optimistic. Current price movements reflect an optimistic outlook.

Technical Levels

Support Levels: $1600.00.

Resistance Levels: $1367.00.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She 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. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.