š„š„š„ Maker Price Risks Drop to $1200 Amid Major Rebranding to SKY
Maker ($MKR ) has been struggling under market pressure for over six months, recently dropping below the critical $2,200 mark and continuing its downtrend to around $1,500. Despite #MakerDAOās plans to rebrand and launch a new ecosystem aimed at capitalizing on DeFi potential, the tokenās price has been in decline. This comes at a time when Donald Trump is introducing his own financial platform, World Liberty Financial.
Maker Price Plummets 44% Despite SKY Rebrand Buzz
- The MakerDAO rebrand to the Sky Ecosystem has been in development for over ten months, with discussions beginning in December 2023. However, it wasnāt until May 2024 that detailed plans for the upgrade were shared on the MakerDAO forum.
- As part of the MakerDAO endgame, the rebrand will transition the Maker (MKR) token to Sky (SKY) and Dai #stablecoin to Sky USD (USDS). According to the upgrade details, each MKR token will be redeemable for 24,000 SKY tokens. The rebrand will roll out in four phases: Beta Launch, SubDAO Launch, Governance AI Tools, Governance Participation Incentives, and the NewChain & Final Endgame State.
- Despite these ambitious goals, MKRās price has continued to slide. It has dropped 1.6% in the past 24 hours, currently trading at $1,476.
MKR Price Technical Analysis
- MKR has been in a steady downward trend since mid-August, recently experiencing a sharp decline from around $2,200 to approximately $1,487.
- Currently, the price is approaching a key support level at $1,260, which has historically served as a strong support zone. On the upside, MKR faces significant resistance at $2,200, a previous support level that has now turned into resistance following the recent breakdown.
MKR's recent drop to $1,260 resembles an Elliott Wave 5 pattern. If support holds, a rebound could trigger a 743% rally back to $2,200, potentially invalidating the bearish outlook and setting price targets above $3,000.
Source - coingape.com
