Maker (MKR) appears to be on the way of reversing its downtrend. The cryptocurrency is showing signs of increased bullish momentum. At the time of writing, MKR crypto stands at a price level of $2,719. The price has moved upward 16% in the past twenty-four hours while the daily trading volume has increased by 40%. Maker coin is bullish despite a largely bearish and indecisive trend in the market.
Maker (MKR) Technical Analysis
The market sentiment for Maker coin is bullish. Out of the total twenty-six technical indicators, ten are giving out a signal of buy while ten stand at a neutral position with only six indications of sell. Both the oscillators and moving averages are bullish.
Amidst the market bearishness, Maker coin had broken out of an ascending channel formation to the downside. However, the recent bullish momentum has helped the cryptocurrency reach back inside the channel. MKR coin appears to be operating on a coherent wave count. If the bullish divergence in the market for Maker continues, the price could reach much higher. In a bullish scenario, Maker can be expected to reach towards $4,400. However, if the bulls are not able to hold, then Maker crypto will find strong support at the price level of $1,636.
What is Maker (MKR)?
Maker (MKR) is the governance token of the MakerDAO. The decentralized organization is based on Ethereum’s blockchain and issues the DAI stablecoin which has its value soft-pegged to the US Dollar. MKR holders are given voting rights in the development of the protocol. Maker also helps to keep the value of DAI relatively stable. MakerDAO is considered as one of the earliest projects in decentralized finance where Ethereum can be used as collateral.