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Home Technical analysis MKR

DeFi Token Maker Sets New TVL All-Time High As Crypto Market Takes Pause

Tony Spilotro by Tony Spilotro
5 months ago
in MKR
Reading Time: 3min read
maker defi tvl mkr
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Maker, an early DeFi token that helped get the now unstoppable trend off the ground, has set a new all-time high in total value locked, just as the rest of the crypto takes a nosedive.

Although the trend across crypto has temporarily turned bearish, the altcoin token’s fundamental health continues to grow steadily, suggesting that when the short-term downtrend turns back around, the DeFi crypto asset will be ready to surge far higher. Technicals also point to more upside ahead, if current support levels can hold strong.

DeFi Dominance: Total Value Locked In Maker Sets Another New All-Time High

Maker is a DeFi token that enables holders to lend and borrow, much like many crypto assets in the same vein. This is just one of the many new ways crypto investors are making money passively through DeFi tokens like Maker and others.

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These Ethereum-based ERC20 tokens unlock the future of decentralized finance and have helped pick the overall crypto market out from the clutches of bears.

Valuations have run amok all summer long, but since the fall months hit, cryptocurrencies have been following the lead of the leaves and are dropping one after another.

maker defi tvl

USD Total Value Locked In DeFi Token Maker | Source: BitDealer Via Twitter

But as valuations drop, the total value locked away in Maker has achieved yet another all-time high, showing strong fundamental health and continued, sustainable growth in the DeFi space.

The total USD locked away in Maker is nearing $2 billion, representing just under 20% of the overall TVL in DeFi.

Related Reading | Trader Warns Of “Capitulation Volume” And “Heavy Downside” Across DeFi

Maker is right behind Uniswap in terms of overall market dominance but enjoys the top spot over Aave when it comes to lending currently.

MKRUSD Head And Shoulders Targets Over $2K Per Crypto Token

Fundamentals present a strong case for continuation in Maker, but MKRUSD technicals are also backing up the idea of more upside ahead.

maker usd defi mkr

Massive Weekly Inverse Head and Shoulders Targets Over $2,000 | Source: MKRUSDT on TradingView.com

After a deep fall on Black Thursday along with nearly every other asset under the sun, Maker has formed more than two-thirds of a massive inverse head and shoulders chart pattern on weekly timeframes.

Related Reading | DeFi Overtakes Ethereum In The Media, Data Shows

The reversal pattern, if confirmed, has a target of over $2,000 per MKR token. At the rate that TVL is climbing, if prices can even partially catch up, the momentum to reach far higher could soon come.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: DeFimakerMakerDAOMKRMKRBTCMKRUSDMKRUSDT
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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