Dedicated to delivering financial stability and transparency to the cryptocurrency market, Maker is a decentralized organization.
The Maker Protocol, commonly referred to as the Multi-Collateral Dai (MCD) system, is a decentralized application (dApp) built on the Ethereum blockchain. It is administered by MakerDAO, which uses the voting power of MKR holders to make decisions about crucial factors including stability fees, collateral types, rates, etc.
Dai and MKR are the two tokens available in Maker.
Dai is a stablecoin that provides platform collateral backing.
The MakerDAO’s governance token, MKR, is utilized by stakeholders to manage Dai and upkeep the system.
The ideal decentralized autonomous organization is MakerDAO, which uses the Maker protocol to offer cheaper and extremely quick transactions while removing the complexity of the decentralized ecosystem. Maker cryptocurrency was developed exclusively to provide a multi-functional and multifunctional benefit in all spheres of life. Let’s take a closer look at Maker before we begin our detailed price estimate.
MakerDAO takes the initiative to float the Maker Protocol in order to offer stability and address the accessibility challenges in the cryptocurrency environment. The main goal of Maker Protocol is to establish a platform that makes it simple to generate Stable coin Dai against crypto collateral assets whenever and wherever it is convenient. A two-token scheme is used by the Maker Protocol.
Price
Maker’s price is currently selling at about $641 and has been increasing over the past week. MKR cryptocurrency has the capacity to increase despite the mixed trend and may reach $1400 by the end of 2023.
Maker’s price was $911.50 in the same period last week. It is now at $1035.55 after moving 17.03% during the last week. In reality, MKR has increased by 6.33% over the last 24 hours. A modest pessimistic mood pervades the cryptocurrency market. However, the long-term outlook is still positive, and MKR might reach $708.07 in 2024.
Analysis
With the price of MKR typically moving downward throughout the past year, a bearish trend has been the predominant one. Given that selling pressure was persistently high throughout this time, the bearish trend suggested that investors were not optimistic. The market value of MKR was $718.
At $664, the price found a strong support level that was ultimately tested three times. The price was restrained from falling any further by this level of support, which served as a floor.
MKR encountered resistance at $787 and $1138 during the year. The latter has maintained itself since August 2022 and acted as a significant impediment to any long-term price hikes. $957, which was tested three times over the studied period, was another significant resistance level that was also found.
In October 2022, Bollinger bands began to close, signaling a decline in volatility. The price remained mainly below the MA of 20 weeks. The price did, however, manage to cross the 20 MA in October 2022 and February 2023, which happened to represent brief instances of northbound movement.
On Daily Chart
- The Moving Averages Convergence Divergence (MACD) indicator for Muscle Maker (GRIL) is >-0.01, indicating that Muscle Maker is a Sell.
- With a share price of $1.28 and a 20-Day Exponential Moving Average of 1.18, Muscle Maker (GRIL) is a Buy.
- With a 50-day exponential moving average of 1.20 and a share price of $1.28, Muscle Maker (GRIL) is a Buy
For most of the year, the Relative Strength Index (RSI) was below the neutral 50 line, emphasizing the negative trend. It was frequently seen lurking close to the oversold area of 30, showing that the bears were in charge. The RSI temporarily crossed the 50 line in February 2023, indicating a bullish surge. It swiftly retreated below the 50-line, signaling the downtrend’s continuation.
Do you think you should buy an MKR?
Recent northbound action and a spike in volume suggested that the bulls are attempting to alter the mood of the market. Investors should exercise caution when taking long positions and closely watch the market for any indications of probable trend reversals or rising bullish momentum.
A buying range of $503 to $551 will probably result in higher demand. The aforementioned indicators, along with the important resistance and support levels, can be used by buyers to determine how strong market trends are.
Prediction
The maker has experienced a busy 2021. We have separated the most recent MKR price prediction into short-term and long-term segments to make it easier to understand. MKR’s trading volume at the time this article was written was $85,862,251. In the last 30 days, Maker has increased by 47.05%.
Our analysis indicates that the greatest probable price for Maker in September 2023 would be $999.49, with the average price of MKR for that month being $934.10.
Additionally, our research of Maker’s price forecast for January 2024 indicates that the average price of MKR will be $590.06, and the highest price conceivable will be $631.36.
