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Maker Price Prediction 2023: Will MKR Coin Price Crash Soon?

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  • As per Maker Price Prediction (BITSTAMP: MKR), the coin price increased by 1.67% over the last 24 hours.
  • The price of the Maker coin is trading at $999.80 and the 52-week price bound range is $505.90 – $1075.97.
    Maker is a protocol that lets people create and manage a stablecoin called DAI, and MKR is the token that gives them voting power. MKR is the token that controls Maker, a protocol that makes and manages a stablecoin called DAI. MKR holders can vote on the protocol, get fees from it, and pay for its losses.

As per Coinglass, Maker has $57.57 million Open Interest and recently showed a decline of -6.88% in the last 24 hours. The 24-hour long versus short ratio is 1.0056. The total number of short positions added in the last 24 hours is $226.45K against longs of $238.86K. Moreover, the average volume of the Maker coin declined by 37.95% and the volume is at $446.65 million.

Maker Price Prediction 2023: Will MKR Coin Price Crash Soon?

Source: www.coinglass.com

This month the coin performed well as it was up by 53.99%. Also, Maker price was up by 78.18% in the last six months which highlighted good performance over a span of six months. Moreover, the Maker coin price year-to-date return is positive with an increase of 97.15%.

Maker Price Technical Analysis in 1-D Timeframe

As per the price action, the maker coin started its venture in 2023 with a bullish rally making higher highs and higher lows from $515.30 to $975.12 from the demand zone at $515.30 and gave roughly 90% upward movement in nearly two months span.

Thereafter it deteriorated and fell drastically around 47% within a span of three months by moving downwards by making lower lows and lower highs. It is also been observed that from June 10th the coin price took a rebound again from the demand zone at $515.30 and gave a bullish rally upwards and reached a high of $1076.18 roughly a 110% swift move upwards within a month by July 5th.

as of the day of publishing, the coin price is trying to sustain at its current level of $999.80. Moreover, the price is trading at the nearest support level of $946.47 to rise more the coin must accumulate more bull power with momentum to surge above the hurdles. We can anticipate more upward move soon only if more volume accumulates.

Maker Price Prediction 2023: Will MKR Coin Price Crash Soon?

Source: MKR/USD.1D.BITSTAMP by TradingView

At the time of publishing, the MKR coin price (BITSTAMP: MKR) price is trading above the 20, 50, 100, and 200-day EMAs (exponential moving average), which is supporting the price trend. Hence, the coin is expected to move upwards giving bullish views over the daily time frame chart.
 

Maker Price Prediction 2023: Will MKR Coin Price Crash Soon?

Source: MKR/USD.1D.BITSTAMP by TradingView

The MACD line at 80.91 and the signal line at 55.15 is above the zero line and gave a bullish crossover, suggesting bullish signals. The current value of RSI is 74.01 points and the 14 SMA is above the median line at 65.11 points which indicates an upward direction and bullish sentiment in the market.

Extraction

The Maker price prediction highlights the sentiments and perspectives of investors and traders regarding the Maker coin price being bullish in the 1-D time frame. The Maker price action reflects an optimistic view at the time of publishing. Moreover, the technical parameters of the Maker price suggest the continuation of the uptrend over the daily time frame chart. Major legitimate indicators MACD, RSI, and EMA, flaunt positive signals about the Maker coin price.


Technical Levels:

  • The nearest support: $946.47 and $890.91.
  • The nearest resistance: $1117.40 and $1175.56.
Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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