- MakerDao is ready to launch Spark Lend which will be focused on liquidity and high market cap assets
- Technical indicators of MKR are favoring the downside trend.It has seen a loss of 1.50% in BTC pair.
Maker is a decentralized finance (DeFi) platform built on the Ethereum blockchain which provides access to stablecoins, loans, and other services. Maker stablecoin, Dai, is pegged to the value of the US dollar and is designed to minimize price volatility. Maker’s decentralized structure gives the users complete control over their funds, without the need for intermediaries. The platform operates on a governance model, where users can vote on proposed changes to the system.One of the key advantages of Maker is its use of smart contracts, which are self-executing agreements with the terms of the agreement directly written into lines of code. Maker also provides a range of financial services, including loans and savings, that are accessible to anyone with an Ethereum wallet.MakerDao is ready to launch Spark lend which will focus strongly on the liquidity.The team formerly known as Crimson cluster is announcing the launch of Phoenix labs.
Maker has a market cap of $697 Million and is ranked 67th in the cryptoverse. Volume of the MKR has seen a decline of 1.83% in the intraday session. Volume to market cap ratio of MAKER suggests a consolidated trend in price.
Bears Of MKR Are Taking Over
The weekly technical chart of the MAKER suggests a weak upside trend in price.On the daily chart it is trading near the value of $714 with a drop of 1.26% in the intraday session.MKR is struggling to maintain above the support level.The upside trend of MAKER can be seen a halt near $850.The downside trend of MKR can see a halt near $550.It is trading above the 50 and 100 Daily Moving Average.There can be a positive crossover which can push the asset price to a new high.
RSI of the MKR is currently near 54 suggesting its presence in neutral zone.There can be a downside slope which can push the asset price below.
Conclusion
Maker is ready to launch SparkLend which will focus on the liquidity. Various analysts are expecting a strong growth in MKR in the future.
Technical Levels
Major Support:$550
Major Resistance:$850
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/12/maker-price-prediction-are-the-makers-of-mkr-preparing-for-endgame/