Should you diversify into MKR now that MakerDAO is demonstrating healthy activity and growth? Here's what our findings reveal.

The Maker (MKR) token has seen a notable surge in whale activity, with large transactions jumping by a staggering 1,400%.…

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For Maker to confirm a bullish breakout, it needs to flip the resistance at $1,550.

Maker's exchange reserve and exchange supply ratio hits a yearly high signaling potential correction.

Bullish MKR price prediction for 2023 is $1628 to $2299.

Maker (MKR) price might reach $3000 soon.

Bearish MKR price prediction for 2023 is $741.

In this Maker (MKR) price prediction 2023, 2024-2030,  we will analyze the price patterns of MKR by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency. 

TABLE OF CONTENTS INTRODUCTION

Maker (MKR) Current Market Status

What is Maker (MKR)?

Maker (MKR) 24H Technicals

MAKER (MKR) PRICE PREDICTION 2023

Maker (MKR) Support and Resistance Levels

Maker (MKR) Price Prediction 2023 — RVOL, MA, and RSI

Maker (MKR) Price Prediction 2023 — ADX, RVI

Comparison of MKR with BTC, ETH

MAKER (MKR) PRICE PREDICTION 2024, 2025, 2026-2030 CONCLUSION FAQ

Maker (MKR) Current Market Status

Current Price $1,456.10 24 – Hour Price Change 1.08% Up 24 – Hour Trading Volume $130,041,635 Market Cap $1,423,538,402 Circulating Supply 977,631 MKR All – Time High $6,339.02 (On May 04, 2021)   All – Time Low $21.06 (On Jan 30, 2017)  

MKR Current Market Status (Source: CoinMarketCap) What is Maker (MKR) TICKER MKR BLOCKCHAIN Ethereum CATEGORY ERC-20 Token LAUNCHED ON December 2017 UTILITIES Governance, security, gas fees & rewards

Maker (MKR) is the governance token of the Maker protocol built on the Ethereum blockchain. MKR was created by makerDAO, conceived in 2015 and fully launched in December 2017. Maker protocol and MakerDAO manage and provide the smart contracts ecosystem for one of the largest stablecoins, DAI.

Maker ecosystem, thus, comprises two tokens, Maker (MKR) and a decentralized stablecoin, DAI. Maker Protocol is an open-source project that is recognized as one of the largest dApps existing on the Ethereum blockchain.  

Maker 24H Technicals

(Source: TradingView)

Maker (MKR) Price Prediction 2023

Maker (MKR) ranks 32nd on CoinMarketCap in terms of its market capitalization. The overview of the Maker price prediction for 2023 is explained below with a daily time frame.

MKR/USDT Descending Channel Pattern (Source: TradingView)

In the above chart, Maker (MKR) laid out a descending channel pattern. Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices. but only after an upside penetration of the upper trend line. A descending channel is drawn by connecting the lower highs and lower lows of a security’s price with parallel trendlines to show a downward trend.

Within a descending channel, a trader could make a selling bet when the security price reaches its resistance trendline. An ascending channel is the opposite of a descending channel. Both ascending and descending channels are primary channels followed by technical analysts.

At the time of analysis, the price of Maker (MKR) was recorded at $1,456.10. If the pattern trend continues, then the price of MKR might reach the resistance levels of $1459, and $1598. If the trend reverses, then the price of MKR may fall to the support of $1368, and $1257.

Maker (MKR) Resistance and Support Levels

The chart given below elucidates the possible resistance and support levels of Maker (MKR) in 2023.

MKR/USDT Resistance and Support Levels (Source: TradingView)

From the above chart, we can analyze and identify the following as the resistance and support levels of Maker (MKR) for 2023.

Resistance Level 1 $1628 Resistance Level 2 $2299 Support Level 1 $1027 Support Level 2 $741

MKR Resistance & Support Levels

Maker (MKR) Price Prediction 2023 — RVOL, MA, and RSI

The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Maker (MKR) are shown in the chart below.

MKR/USDT RVOL, MA, RSI (Source: TradingView)

From the readings on the chart above, we can make the following inferences regarding the current Maker (MKR) market in 2023.

INDICATOR PURPOSE READING INFERENCE 50-Day Moving Average (50MA) Nature of the current trend by comparing the average price over 50 days 50 MA = $1390Price = $1417(50MA < Price) Bullish(Uptrend) Relative Strength Index (RSI) Magnitude of price change;Analyzing oversold & overbought conditions 55<30 = Oversold50-70 = Neutral>70 = Overbought Neutral Relative Volume (RVOL) Asset’s trading volume in relation to its recent average volumes Below cutoff line Weak Volume

Maker (MKR) Price Prediction 2023 — ADX, RVI

In the below chart, we analyze the strength and volatility of Maker (MKR) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).

MKR/USDT ADX, RVI (Source: TradingView)

From the readings on the chart above, we can make the following inferences regarding the price momentum of Maker (MKR).

INDICATOR PURPOSE READING INFERENCE Average Directional Index (ADX) Strength of the trend momentum 9 Strong Trend Relative Volatility Index (RVI) Volatility over a specific period 57.48<50 = Low>50 = High High Volatility

Comparison of MKR with BTC, ETH

Let us now compare the price movements of Maker (MKR) with that of Bitcoin (BTC), and Ethereum (ETH).

BTC Vs ETH Vs MKR Price Comparison (Source: TradingView)

From the above chart, we can interpret that the price action of MKR is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of MKR also increases or decreases respectively.

Maker (MKR) Price Prediction 2024, 2025 – 2030

With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Maker (MKR) between 2024, 2025, 2026, 2027, 2028, 2029 and 2030.

Year  Bullish Price  Bearish Price Maker (MKR) Price Prediction 2024 $3070 $735 Maker (MKR) Price Prediction 2025 $3100 $720 Maker (MKR) Price Prediction 2026 $3120 $715 Maker (MKR) Price Prediction 2027 $3150 $710 Maker (MKR) Price Prediction 2028 $3170 $705 Maker (MKR) Price Prediction 2029 $3180 $700 Maker (MKR) Price Prediction 2030 $3200 $690

Conclusion

If Maker (MKR) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Maker (MKR) price prediction for 2023 is $2299. Comparatively, the bearish Maker (MKR) price prediction for 2023 is $741. 

If there is a positive elevation in the market momentum and investors’ sentiment, then Maker (MKR) might hit $3000. Furthermore, with future upgrades and advancements in the Maker ecosystem, MKR might surpass its current all-time high (ATH) of $6,339.02 and mark its new ATH. 

FAQ

1. What is Maker (MKR)?

Maker (MKR) is the governance token of the Maker protocol built on the Ethereum blockchain. 

2. Where can you buy Maker (MKR)?

Maker (MKR) has been listed on many crypto exchanges which include  Binance, Deepcoin, OKX, Bitrue, and Bybit.

3. Will Maker (MKR) record a new ATH soon?

With the ongoing developments and upgrades within the Maker platform, Maker (MKR) has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Maker (MKR)?

Maker (MKR) hit its current all-time high (ATH) of $6,339.02  on May 04, 2021.

5. What is the lowest price of Maker (MKR)?

According to CoinMarketCap, MKR hit its all-time low (ATL) of $21.06 on Jan 30, 2017.

6. Will Maker (MKR) hit $3000?

If Maker (MKR) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $3000 soon.

7. What will be the Maker (MKR) price by 2024?

Maker (MKR) price might reach $3070 by 2024.

8. What will be the Maker (MKR) price by 2025?

Maker (MKR) price might reach $3100 by 2025.

9. What will be the Maker (MKR) price by 2026?

Maker (MKR) price might reach $3120 by 2026.

10. What will be the Maker (MKR) price by 2027?

Maker (MKR) price might reach $3150 by 2027.

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MKR could not hold on to the $1,650 yearly high after the resistance at $1,600 took over.

Although the RSI signaled a bullish momentum, MKR was becoming slightly weak.

Should buying pressure persist, MKR may inch toward $1,600 one more time.

The price of Maker (MKR) briefly tapped $1,650 in the early hours of October 24. The value was the highest price the token has reached throughout 2023. On a 90-day basis, Maker’s price has increased by 35.82%, almost double the performance of Bitcoin (BTC) within the same period.

On the daily timeframe, MKR has only begun recovering from a market structure dominated by sellers between October 1 and 12. Because bulls were not entirely in control, MKR got rejected from the aforementioned hike and was back to changing hands below $1,600.

However, there is a strong support at $1,374. So, if sellers can increase their presence, MKR may still have the strength not to drop below $1,450 to $1,500. Meanwhile, the daily chart also showed that the token’s volume increased briefly during the jump to $1,650.

However, the decline in volume, alongside the price increase means bullish momentum could be waning. Therefore, an increase to $1,700 within the next 24 hours may not be plausible. However, the Relative Strength Index (RSI) reading revealed that buying momentum was gaining ground over the bearish side.

As of this writing, the RSI was 67.53. Usually, reading below 50 suggests that bears have an advantage. But since the indicator was well above 50, it means a significant drop may not happen. At the same time, an increase within one day may not do much to hit $1,650 again.

MKR/USD 1-Day Chart (Source: TradingView) The Journey to $2,000 Is Not Here

A few weeks back, crypto trader Nebraskangooner opined that MKR may continue to consolidate above the $1,374 support. He also mentioned that the token had the tendency to hit between $1,800 and $2,000.

$MKR (per request)Continues to maintain bullish structure. Currently looks like a bullish consolidation above support. As long as this support holds it has upside potential to that $1,800-2,000 resistance area above. https://t.co/19jiuoOn8D pic.twitter.com/lXi6hknyuM

— Nebraskangooner (@Nebraskangooner) October 11, 2023

From the technical outlook, this projection might take more than a few days to achieve. The reason was that MKR was currently overbought. This condition was revealed by the Bollinger Bands (BB) because the upper band of the BB touched the MKR price.

As a result, the altcoin has the potential to fall by 5% in the short term. But this is not expected to happen in the next 24 hours. Between the time of writing and October 25, MKR may briefly rise in the direction of $1,600.

MKR/USD 1-Day Chart (Source: TradingView)

This is because the Moving Average Convergence Divergence (MACD) was 9.11 and the 12-period EMA had crossed over the 26-day EMA. While this signals a bullish momentum, the increase may only be mild.

The post Maker’s (MKR) Yearly-High Hit Indicates Caution, Here’s Why appeared first on Coin Edition.

In the dynamic world of cryptocurrencies, influential participants called “whales” often cause market volatility. Spot On Chain, an on-chain data insights provider, recently found substantial whale activity tied to Maker (MKR). One huge investor deposited 9,696 MKR, worth $13.9 million, at an average price of $1,438. This large dump reflects a single perpetrator.

Cryptocurrency Maker (MKR) Shows Strong Uptrend Since June

In late July, this whale bought 9,696 MKR from Coinbase before the price spike. Their holdings total $11.6 million, with an average acquisition cost of $1,200 per MKR. This strategic decision is expected to generate $2.3 million, a 19.7% increase.

A notable investor, 0xd4e, bought 7,155 MKR in cryptocurrency from Coinbase 30 minutes earlier. This acquisition cost $10.3 million, averaging $1,437 per MKR. Cetaceans have collectively held $64.5 million in MKR tokens since July 27th.

This group’s unrealized profit is $3.83 million, up 6.3%. The Maker (MKR) cryptocurrency has risen significantly, especially in June, following a strong upward support trendline. Bullish price momentum strengthened in August, confirming the trendline. Recent market activity has confirmed the $1,000 horizontal support level.

MKR Hits 2022 High at $1,651 But Struggles to Break $1,600 Barrier

MKR peaked at $1,651 on October 24, a level not seen since May 2022. Despite this enormous gain, the cryptocurrency failed to break $1,600, forming a protracted upper wick on the price chart. This increase is intriguing because Binance received $14.6 million in MKR at the start of October. Large deposits on centralized exchanges can reduce selling activity. MKR’s price rose steadily, straying from the norm.

Technically, the weekly Relative Strength Index (RSI), a momentum indicator, indicates a favorable trend. An RSI value over 50 and an upward trend indicate bullish market sentiment. As of now, the RSI is overbought. However, there is no bearish divergence, suggesting the trend may continue.