{"id":1126,"date":"2021-07-12T15:06:54","date_gmt":"2021-07-12T19:06:54","guid":{"rendered":"https:\/\/www.hodlin.com\/blog\/?p=1126"},"modified":"2021-07-12T15:06:57","modified_gmt":"2021-07-12T19:06:57","slug":"maker-price-analysis-will-mkr-bulls-blast-past-3k","status":"publish","type":"post","link":"https:\/\/www.hodlin.com\/blog\/maker-price-analysis-will-mkr-bulls-blast-past-3k","title":{"rendered":"Maker Price Analysis: Will MKR Bulls Blast Past $3k?"},"content":{"rendered":"\n
\"Maker
Maker Price Analysis Mkr Blast<\/figcaption><\/figure>\n\n\n\n

The crypto market and Maker prices<\/a> are bouncing back.<\/p>\n\n\n\n

Although gains are fleeting and discouragingly short-lived, falling short at critical resistance levels, developments in the last few days could be indicators of what’s ahead based on Maker price analysis shows.<\/p>\n\n\n\n

From the Maker daily chart, for example, it is easy to pick out bullish attempts.<\/p>\n\n\n\n

Maker Market Overview<\/h2>\n\n\n\n

Indeed, after protracted periods of lower lows from early May and confirmation of mid-May to late June 2021, Maker holders were pushed to the wall. For perspective, the dips of May and June wiped over 70 percent of Maker gains of H1 2021.<\/p>\n\n\n\n

MKR\/USDT prices found support at the 78.6 percent Fibonacci retracement level of the H1 2021 trade range, rebounding to the current rate.<\/p>\n\n\n\n

However, Maker bulls are struggling to shake off determined sellers. Even with a close above $2.7k and the 20-day moving average, it isn’t with high trading volumes.<\/p>\n\n\n\n

At the same time, MKR prices remain range above $2.7k and below the $3k round and psychological round number.<\/p>\n\n\n\n

This may be a marker, a disappointing pointer of a lack of conviction, bulls’ exhaustion, or tapering momentum that can’t sustain the uptrend.<\/p>\n\n\n\n

Maker prices are uncharacteristically moving inside a $600 zone with low participation levels translating to low volatility at the time of writing.<\/p>\n\n\n\n

MKR is stable against the USD, slowed down by trading volumes which are stable at around $95 million on the last trading day.<\/p>\n\n\n\n

Maker (MKR) Market Movers<\/h2>\n\n\n\n

Maker is a lending and borrowing platform. Users can deposit supported tokens and receive a passive yield.<\/p>\n\n\n\n

At the same time, loans can be extended provided that borrowers over-collateralize.<\/p>\n\n\n\n

The system also manages the DAI<\/a> algorithmically issued stablecoin. USDC<\/a> currently backs 60 percent of all DAI.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/StaniKulechov\/status\/1412152160758947841\n<\/div><\/figure>\n\n\n\n

In this self-adjusting, smart contract-powered system, MRK governance tokens serve as the credit line of the last resort in case of an unexpected system disturbance.<\/p>\n\n\n\n

Maker currently manages over $6.5 billion of assets, according to Defi Pulse<\/a>. However, DeFi<\/a> is yet to recover following steep losses of Ethereum and ERC-20 tokens Q2 2021.<\/p>\n\n\n\n

A rejuvenated ETH<\/a> would lift DeFi, pumping Maker prices as a result. Already, ETH whales are positioning themselves for gains ahead of the London Upgrade set for early August 2021.<\/p>\n\n\n\n

Even in this meltdown, MKR\/USDT prices were robust, absorbing sell pressure satisfactorily:<\/p>\n\n\n\n

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The price of the most DeFi protocols dropped over 30% after May 19.Maker remain the robustest among top 15 protocols! pic.twitter.com\/lS38bjPELA<\/a><\/p>— Frederick (@FrederickKang1) July 9, 2021<\/a><\/blockquote>