Maker (MKR) Price Surge in DeFi Sector
Maker (MKR) has experienced significant growth in the decentralized finance (DeFi) sector and on the charts. In the last 30 days, MKR has surged 46%, with a 26% increase in the past two weeks, 10% in a week, and 5.5% in the last 24 hours.
Unlike other cryptocurrencies that face liquidity and volatility issues, Maker’s trading volume has been increasing, with $126 million streaming in over 24 hours. The short-term technical outlook suggests that the next recovery phase could begin above the $1,500 support/resistance level.
Maker Price Prediction: Strong Fundamentals Behind MKR
Since June, Maker has maintained its bullish outlook after bouncing off major support at $580. The cryptocurrency has shown strength by rising above seller congestion zones at $750, $950, and $1,250.
The uptrend has been supported by trading above key moving averages, including the 50-day Exponential Moving Average (EMA), the 100-day EMA, and the 200-day EMA. This has boosted investor confidence in MKR’s upward trajectory.
The Moving Average Convergence Divergence (MACD) indicator indicates that buyers are currently in control. A buy signal confirmed earlier this month encourages traders to hold their long positions and advises investors to avoid selling at the first sign of profit. The increasing demand for MKR will help overcome resistance at $1,500 and potentially push the price towards $2,000.
Furthermore, Maker’s fundamentals have been improving as active addresses on the network have surged to a 10-week high. This increase suggests that investors are speculating on the continuation of the uptrend and are confident in Maker’s bullish stance.
Cautionary Note on MKR Moving to Exchanges
Santiment, a crypto analytics platform, cautions that an influx of MKR moving from self-custody platforms to exchanges could introduce selling pressure and potentially indicate a temporary local top for the cryptocurrency.
MakerDAO Focuses on Real-World Assets (RWAs)
MakerDAO is placing a strong emphasis on the tokenization of real-world assets (RWAs) to add value to the Web3 industry. With a portfolio exceeding $3.1 billion, MakerDAO has become a significant player in this segment.
In September alone, MakerDAO added $101 million in RWAs through partnerships with BlockTower Andromeda, New Silver, and Monetalis Clydesdale. This demonstrates the protocol’s commitment to increasing its exposure to RWAs.
The interest in RWAs indicates growing demand within the ecosystem and suggests that RWAs are correlated with real value and demand. MakerDAO has been providing access to assets or their equivalents, particularly for individuals with limited accessibility.
Hot Take: Maker (MKR) Gains Momentum in DeFi Sector
Maker (MKR) has seen impressive growth in the decentralized finance sector, with significant price surges and increasing trading volume. The cryptocurrency’s strong fundamentals, including trading above key moving averages and an increase in active addresses, support its bullish outlook.
However, caution is advised as a large influx of MKR moving to exchanges may introduce selling pressure and signal a temporary local top. MakerDAO’s focus on tokenizing real-world assets highlights its commitment to adding value to the Web3 industry. This move is driven by growing demand and the recognition of RWAs’ correlation with real value and demand.
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