Despite the general bearish trend in the cryptocurrency market at the moment, the Maker token continues to thrive. Maker is currently trading at $811.28 today. It represents an increase of up to 5.72% in the last day.
Despite positive moves in the last 24 hours, the current market sentiment is bearish and expected to persist until mid-October 2022.
The trading volume of MKR today stands at $47.47 million. It also currently ranks at number 55 on CoinMarketCap.
The price change in 24 hours is over $50. Currently: the 24-hour low stands at $752.01 while the high is $816.50.
What Is Boosting The Price Of Maker Despite The General Bearish Sentiments?
After the Ethereum merge, numerous predictions failed since the price of ETH decreased rather than increased. Miners were dumped for validators and lost out on profits. It led to many miners trading in their ETH just before the merge date.
The maker token is built on the Ethereum blockchain, a stablecoin that is soft-pegged to the US dollar.
The peg to the US dollar helped stabilize the token more in a volatile market. Maker is one of the pioneers in Decentralized Finance (DeFi). Users opt for decentralized exchanges because they are easy to use.
Also, users can partake in the governance of their tokens directly through voting. The flexibility on the platform is making more people adopt the token since Bitcoin and Ethereum prices are plummeting.
The high trading volume of Maker makes it ideal for day traders to make profits on it. The trading volume currently stands at $48,101,071.
MKR’s price is currently trading above $805. | Source: MKRUSD price chart from TradingView.com
MKR Predicted To Go Bearish Shortly
Market sentiments for MKR are strongly tipping the coin to go on a bearish run and halt its rally. The token is about to test the resistance levels of $960, $1060, and $1160. However, if the coin fails to break above $800, it is expected to rest on support levels of $600, $700, and $800.
Some experts believe that the prices can suddenly plummet despite the rally, with market forces being a strong determinant.
Market analysts are optimistic that Maker (MKR) has made enough progress to make buyers purchase more tokens and increase the price. However, if the investors refuse to buy more Maker tokens: a bearish reversal will most likely occur.
High volatility has been an issue for cryptocurrency assets in recent times. Technical and fundamental analysis of Maker price charts shows that it could be on the rise again.
The formation of a head and shoulder pattern between June and August 2022 indicates the possibility of a trend reversal.
However, it is unlikely that MKR will surpass its all-time high of $6339.02 on May 3, 2021.
Featured image from Pixabay and chart from TradingView.com