X

Maker (MKR) Has Become the Forefront of Decentralized Finance!

Maker is a truly ingenious cryptocurrency simply because of the idea behind this blockchain. Maker is a functional token that allows holders to govern the MKR token. Holding Maker allows one to become a stakeholder of this blockchain. 

MKR is the governance token for the Dai credit system. The benefit of Maker is its stability driven by its security with one dollar. The Maker uses collateralization to stabilize DAI. MKR is the utility token, while DAI is the stable coin.

The volatility of MKR tokens is nothing new, but since DeFi is gaining huge traction, one can realistically expect this crypto to outperform its adversaries. 

Maker Price Analysis

Maker crypto is facing resistance at higher levels and is falling to retest its support level. Technical indicators signify a possible chance of price crash. Learn more from the technical charts and MKR price momentum.

The price action on the volatile cryptocurrency Maker has taken support from $2120 levels, which has helped it to retest an important swing level of $4000. On May 24, 2021, the last big retracement faced resistance at a similar level, and it broke down to make a fresh monthly low of $2100. There is not a lot of difference between the previous price action and the action in August 2021. 

After failing to breach the resistance level at $4000, the Maker has undergone some profit booking. We expect the Maker of cryptocurrency to retest the $3300 levels on the downside at the current rate. While given the downside momentum, it will be difficult to access strong support before the psychologically essential levels of $3000. 

On the technical indicator level, MACD is forming a huge bearish momentum, which the Maker managed to stall for the last two swings. The bearish crossover can create a sufficiently high selling pressure on this cryptocurrency to retest lower support levels. 

Lower volumetric participation on this crypto is a case of concern for high price action, but at the same time, it gives a certain level of confidence that more and more people are holding the same. Moreover, breaching the current trend line can weigh heavier than expected, pushing the Maker down.

Richard Lee: Richard Lee is a regular contributor, who curates in-depth news stories and analysis about the cryptocurrency and blockchain space. He primarily covers latest happenings of US cryptocurrency market. He contributes to a number of well-known industry magazines and news sites before getting into NameCoinNews. He has strong skills in technical analysis of cryptocurrencies.