Maker is the first Ethereum-based smart contract system to launch an automated cryptocurrency lending platform.

Maker provides the first Dai basic decentralized stablecoin (which can be compared and analyzed like the US dollar on Ethereum) and a derivative financial system, promoting the prosperity of decentralized finance (DeFi).

Dai is issued through a total digital asset mortgage guarantee. Since its launch in 2017, Dai has always remained pegged to the US dollar with a 1: 1 ratio.

On April 19, members of the MakerDAO community began voting on MIP45, a proposal aimed at updating the Maker protocol settlement system and maintaining the stability of Dai pegged to the US dollar.

If approved, the Liquidation 2.0 system will provide greater security, predictability and decentralization, and will provide community members with more opportunities to participate in collateral auctions through Auction Keeper software and a more conventional interface. This will promote the involvement of the Maker community and the entire DeFi department.

According to DeFi Pulse data, Maker, the largest DeFi deal with a $ 965 million system guarantee, dominates 16.44% of the entire DeFi market.

The project’s Maker Token (MKR) holders received a 64.23% price increase reward last week. According to CoinMarketCap, Maker with a market capitalization of $ 4,817,105,553, ranks as the 30th largest cryptocurrency.

The token has increased nearly eightfold since the beginning of this year, going from $ 587 to $ 4,652. It hit a record high of $ 4,995 today, breaking the $ 4,500 marks in one go.

Maker Price Analysis (MKR)

Source: MKR / USD 4 hours via TradingView

Judging from the 4-hour candlestick chart, MKR has successfully broken past its previous high of $ 4,118, and the rapidly expanding trading volume has resulted in $ 4,118 moving from a resistance to a support level.

The MKR / USD transaction price is higher than the exponential moving average (EMA) tape. Both the ascending moving average and the bullish MACD index indicate that bulls are currently dominating the market.

However, the Relative Strength Index entering the overbought zone is gradually leveling out, suggesting that MKR is under relatively strong selling pressure after hitting its all-time high of $ 4,995 today. Therefore, the price of the MKR will experience a slight pullback and is likely to trade sideways for a period of time between $ 4,400 and $ 4,600 before resuming its bullish momentum.

If MKR price can stabilize above $ 4,200, then Maker’s uptrend can open an upward channel faster. As Maker hits a new high, this will mean that the altcoin will not encounter strong selling pressure on its way up. If the entire cryptocurrency market emerges from its current recession, it is highly likely that Maker will break above $ 5,500 anytime soon.

Conversely, an increase in the number of sell orders will push MKR below the $ 4118 support level and may trigger a more severe correction to the $ 3,795 20-day exponential moving average.

Image Source: Shutterstock

(Excerpt) Read more Here | 2021-04-22 19:58:40
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