Maker (MKR) Gains 30% In 7 Days, What’s Next?

Semilore Faleti

1 year ago

3 mins read

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Over the course of seven days, Maker (MKR) has experienced remarkable growth, showcasing its potential as a lucrative investment opportunity.

According to data from CoinMarketCap, MKR has recorded a significant gain of 30% in this timeframe, sparking much interest and optimism among its numerous traders and holders.

For now, it remains unclear what is driving MKR’s price, but there is a clear, strong buying pressure and positive sentiment surrounding the DeFi token in the market.

Maker Price Action Surpasses Market

In an impressive display of bullish momentum, Maker has witnessed a substantial gain attracting much of the market attention. Initially, MKR began last week trading around $706.85. The token then experienced a slight dip in price over the next few days, trading as low as $670.86 on June 28.

Thereafter, Maker started recording gains before a jump in price occurred on June 30, resulting in the token gaining by over 21% to hit a market price of $834.09.

Since the beginning of July, MKR has witnessed two more hikes in its market price, the most recent being today. In the early hours of this day, the MKR token boosted by 8% to hit a market price of $929.87 for the first time since March.

At the time of writing, MKR is sitting at a current price of $930.78 USD, with a market capitalization value of $897 million. In addition, the token trading volume is set at $76 million, having gone up by 14% in the last day, indicating an increased market activity.

Looking at the protocol performance, the MakerDAO has recorded a 1.04% decrease in its TVL over the last day based on data from DeFillama. Nevertheless, the protocol remains the second biggest DeFi project, with a TVL of $6.262 billion.

MKR Price Analysis And Prediction

MKR has been exhibiting interesting price action recently, with two notable levels to watch. The first one is a resistance zone at the $973 price level, while MKR has faced selling pressure at this level in the past, preventing it from continuing its upward trend.

Traders and investors should closely monitor how MKR behaves around this resistance zone, as a breakout above it could potentially signal further upward momentum.

On the other hand, if MKR fails to break above the $973 resistance level, it may face a potential downward retracement to the $662 price level. This price zone has previously acted as a resistance, but if MKR experiences a pullback, it could potentially turn into a support zone.

MKR Trading At $933.37 On The Daily Chart | Source: MKRUSD Chart On Tradingview

Both of these levels are significant in assessing the price action of MKR and can provide valuable insights for traders and investors. Monitoring how MKR interacts with these levels could help determine the future direction and potential breakout or reversal opportunities for the cryptocurrency.

Featured Image: Freepik, Chart from Tradingview

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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