Maker (MKR) cryptocurrency has been surging in the 2021 bull run. Maker coin establishes its new all-time high at $6,339. At the time of writing, Maker (MKR) stands at a price level of $5,234. The price has fallen by 8% in daily timeframe while the daily trading volume has also dropped by 40%. Ranked at 33 in the market, the capitalization of MKR coin has decreased by 10%.
Maker (MKR) technical analysis
The technical indicators for the cryptocurrency are giving out a neutral signal, indicating uncertainty in the market. Out of the 26 total technical indicators, fifteen are giving out a signal of buy with nine at neutral position and only two indicators at a sell position. The oscillators are neutral while the moving averages are strongly bullish.
A trader has identified a straight upward trend for Maker (MKR) crypto. Per the trader, Maker crypto has successfully established various support zones that may propel the cryptocurrency upwards. The first strong support level lies at $4,951 followed by $4,972 and others. The trader has also set a very optimistic price target for Maker coin at a price level of $10,000.
Maker (MKR) price prediction
Wallet Investor’s one year price projection puts the price of Maker crypto at $8,033 while in five years’ time Maker is expected to be priced at a staggering $19,077. Digital Coin Price predicts Maker coin will end the year at a price of $7,704 while by 2028 the cryptocurrency will be valued at a whopping 24,398.
Why is Maker (MKR) bullish?
Maker Foundation, the organization responsible for making the protocol completely decentralized, believes its work to be done. The Foundation is set to cease existing by the end of the year – handing over the reins of the protocol completely to the community. The organization recently also sent 84,000 MRK tokens worth $480 million to the protocol which is community is responsible for.
The Maker Protocol is tasked with issuing the DAI stablecoin and is based on the blockchain of Ethereum. The DeFi surge has contributed in the rise of the platform and it token, MKR. With a total value locked at $11.09 billion, it is the number one ranked Ethereum-based DeFi platform in terms of TVL.