Altcoin
Rally Rages On As $2k Beckons
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Maker is making headway both on the charts and in the decentralized finance (SEC) sector. Over the last 30 days, MKR has surged 46%, 26% in two weeks, 10% in a week, and 5.5% in the last 24 hours.
Unlike other cryptos facing liquidity and volatility issues, Maker’s trading volume has been on the rise with $126 million streaming in over 24 hours. The short-term technical outlook appears strong enough to kickstart the next recovery phase above the $1,500 support/resistance level.
Maker price is trading at $1,495 on Thursday as bulls seek to solidify their grip on the uptrend. If the interest MKR is getting steadies into the weekend, bulls may close the gap to $2,000.
Maker Price Prediction: Are Fundamentals Rallying Behind MKR?
Maker has sustained its bullish outlook since June when it bounced off major support at $580. What followed was an excellent display of bullish muscle with Maker rising above strong seller congestion zones at $750, $950, and $1,250.
Trading above all the three key moving averages including the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the 200-day EMA (purple) added credence to the uptrend, thus enhancing investor confidence.
The Moving Average Convergence Divergence (MACD) indicator reveals that buyers have the upper hand. A buy signal confirmed early this month is still at play and encourages traders to keep their long positions intact and investors to avoid selling at the earliest sign of profit. It is this increase in demand for MKR that will help deal with resistance at $1,500 and uphold the rally to $2,000.
Behind the scenes, Maker’s fundamentals have also been improving with Santiment revealing that the network’s active addresses have surged, hitting a 10-week high. The consistent increase in the number of addresses interacting with the protocol hints at speculations for the uptrend’s continuation. In other words, investors are willing to bet on Maker upholding its bullish stance.
📈 #Maker‘s price has now surged +40% in the past 16 days with its active addresses hitting a 10-week high in tandem with the asset crossing $1,500. An inflow of $MKR moving to exchanges is something to be cautious of for at least a temporary local top. https://t.co/oFeijYNZCO pic.twitter.com/rStBGX6TdM
— Santiment (@santimentfeed) September 28, 2023
However, Santiment cautions a spike in MKR moving from self-custody platforms to exchanges may introduce an element of selling pressure, as it could hint at a temporary local top.
MakerDAO Increases Focus On RWAs
MakerDAO’s focus on the tokenization of real-world assets (WRAs) is expected to build value for the growing Web3 industry. The protocol is becoming one of the most significant players in the segment, with its portfolio well above $3.1 billion.
Based on a recent report, MakerDAO added $101 in RWAs through BlockTower Andromeda, New Silver, and Monetalis Clydesdale, making it the seventh increase in September.
MakerDAO once again added $101 million in RWA assets in the past 24 hours through Monetalis Clydesdale, BlockTower Andromeda, and New Silver. This is the seventh increase this month. Currently, the total RWA assets in MakerDAO have exceeded US$3.1 billion. https://t.co/Olej0fYTRB
— Wu Blockchain (@WuBlockchain) September 27, 2023
MakerDAO’s interest in RWAs may be a sign of growing demand in the ecosystem which speaks about growth in terms of utility or that RWAs are positively correlated with real value and real demand.
MakerDAO has long been providing access to assets or their equivalent, especially for those with limited accessibility.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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