Maker (MKR) Continues Its Positive Moves, Neglecting Weekly Market Trend
October 04 2022 - 5:59AM
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Despite the general bearish trend in the cryptocurrency market at
the moment, the Maker token continues to thrive. Maker is currently
trading at $811.28 today. It represents an increase of up to 5.72%
in the last day. Despite positive moves in the last 24 hours,
the current market sentiment is bearish and expected to persist
until mid-October 2022. Related Reading: Is Bitcoin ‘Uptober’ About
To Begin? | BTCUSD Analysis October 3, 2022 The trading volume of
MKR today stands at $47.47 million. It also currently ranks at
number 55 on CoinMarketCap. The price change in 24 hours is
over $50. Currently: the 24-hour low stands at $752.01 while the
high is $816.50. What Is Boosting The Price Of Maker Despite The
General Bearish Sentiments? After the Ethereum merge, numerous
predictions failed since the price of ETH decreased rather than
increased. Miners were dumped for validators and lost out on
profits. It led to many miners trading in their ETH just before the
merge date. The maker token is built on the Ethereum blockchain, a
stablecoin that is soft-pegged to the US dollar. The peg to the US
dollar helped stabilize the token more in a volatile market. Maker
is one of the pioneers in Decentralized Finance (DeFi). Users opt
for decentralized exchanges because they are easy to use. Also,
users can partake in the governance of their tokens directly
through voting. The flexibility on the platform is making more
people adopt the token since Bitcoin and Ethereum prices are
plummeting. The high trading volume of Maker makes it ideal for day
traders to make profits on it. The trading volume currently stands
at $48,101,071. MKR Predicted To Go Bearish Shortly Market
sentiments for MKR are strongly tipping the coin to go on a bearish
run and halt its rally. The token is about to test the resistance
levels of $960, $1060, and $1160. However, if the coin fails to
break above $800, it is expected to rest on support levels of $600,
$700, and $800. Some experts believe that the prices can suddenly
plummet despite the rally, with market forces being a strong
determinant. Market analysts are optimistic that Maker (MKR)
has made enough progress to make buyers purchase more tokens and
increase the price. However, if the investors refuse to buy more
Maker tokens: a bearish reversal will most likely occur. High
volatility has been an issue for cryptocurrency assets in recent
times. Technical and fundamental analysis of Maker price charts
shows that it could be on the rise again. Related Reading: Ethereum
Price Squeezes Shorts Positions, ETH Could Be Set For More Gains
The formation of a head and shoulder pattern between June and
August 2022 indicates the possibility of a trend reversal.
However, it is unlikely that MKR will surpass its all-time high of
$6339.02 on May 3, 2021. Featured image from Pixabay and chart from
TradingView.com
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