Maker Price Skyrockets 8% as Analyst Predicts a Breakout to $2,000
Highlights:
- Maker Price gains a spot amongst top gainers, as it soars 8% to trade at $1,311.
- Maker now rebrands to Sky, the governance token of the Sky ecosystem.
- Analyst predicts a potential break out to the $2,000 mark as buying interests surge.
Maker price has gained a spot among the top gainers today, boasting an 8% increase to $1,311 during the European trading sessions. Accompanying the price movement is its 24-hour trading volume, which has surged 40% to $140.19 million, suggesting a rise in market activities. MKR is now up 15% in a week despite a fall of 18% in a month and 6% in a year.
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This follows the developments in the Maker ecosystem, which rebranded to Sky. SKY is the governance token of the Sky ecosystem, and $USDS is the stablecoin formerly known as DAI. The stablecoin, USDS (Sky Dollar), provides access to native token rewards, enhancing its functionality within the ecosystem.
With the launch of Sky, the upgraded tokens are introduced:
• $SKY: The upgraded version of MKR and governance token of the Sky ecosystem. Each MKR can be upgraded to 24,000 SKY.
• $USDS (Sky Dollar): The upgraded version of DAI, USDS is a stablecoin that gives access to… pic.twitter.com/ytfFcC2e5J
— Sky (@SkyEcosystem) August 27, 2024
Moreover, crypto analysts and traders are optimistic as the Maker price has broken out of a falling wedge in the 12-hour chart timeframe. According to World of Charts, a well-known crypto analyst has highlighted a promising surge, expecting a move toward the $2000 mark. This could not be far from true, as the maker’s trading activities surge, signaling intense buying interest.
$Mkr#Mkr Breaking Out Expecting Move Towards 2000$ Incoming Days Keep Eyes On Mkr For Breakout https://t.co/1PUHQMG0i1 pic.twitter.com/WgOg1MQfUw
— World Of Charts (@WorldOfCharts1) October 31, 2024
Maker Statistical Data
Based on CoinmarketCap data:
- MKR price now – $1,309
- Trading volume (24h) – $140.19million
- Market cap – $1.14 billion
- Total supply – 902.63 K
- Circulating supply – 872.20 K
- MKR ranking – #64
Maker price has been in a prolonged downtrend after facing rejection at the $3,106 mark. This caused the bulls to lose momentum as the bears dwindled the price like a dead weight in the air. This resulted in the formation of a descending parallel channel in the Maker price. However, the bulls are gaining momentum as the price is bottoming out, and the MKR price has broken out of the governing channel.
Technical Indicators Signal a Bullish Comeback
Despite trading below key bullish indicators, including the 50-day and 200-dy SMAs, the Maker price seems positioned for an uptrend. In the meantime, a break above the $1,400 resistance area will pave the way for a rally, with the bulls targeting the next critical area at $2,193.
The Relative Strength Index (RSI) has notably increased sharply from the 30-oversold region, currently above the 50-mean level. This shows that the bulls are gearing up for a potential rally if traders and investors continue adding to their positions. Its position above the 50-man level shows that the bulls are gaining control in the Maker market.
Notably, traders are at liberty to hold their long positions in MKR intact, bolstered by the bullish outlook from the Moving Average Convergence Divergence (MACD) indicator. A buy signal validated the bullish grip as the blue MACD line stepped above the signal line in orange.
Maker Price Prediction
According to the daily chart timeframe above, the Maker price is showing some strength, tilting the odds in favor of the buyers. With the RSI and MACD indicators upholding a bullish outlook, the MKR price will rally. Increased buying pressure will see the token surge and breach the $1,400 barrier in the near future.
In a highly bullish case, a flip of $1,400 into the support floor will see the bulls target the $2,193 mark. However, with the 50-day and 200-day SMA upholding some bearish prospects, the Maker price may dwindle. In such a case, the $1,042 support level will act as a cushion against further losses.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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