Maker Price Extends Rally To $1,450, Up 6% On The Day

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Maker (MKR) has been bullish, surprising many investors, especially with the crypto market in deep slumber. MKR has emerged as a top performer with an impressive 38% growth in the last 30 days. Maker price is up 6% on Wednesday to $1,450, with its 24-hour trading volume surpassing $108 million.

What’s Behind The Maker Price Rally

The crypto market is dynamic, requiring projects and people to change or adjust to avoid being left behind constantly. Over the last few months, there has been a noticeable shift to interest-bearing stablecoins like DAI, issued by MakerDAO, especially in the decentralized financed (DeFi) sector.

Unlike traditional stablecoins like Tether (USDT), DAI’s yield comes from special sources and mechanisms such as the stability fee earned from Maker Vaults and other conventional assets like US Treasuries.

The shift to interest-bearing stablecoins has positively reinforced MakerDAO’s position in the DeFi sector. MakerDAO is also on overdrive to spread its wings across the crypto landscape and is not stopping at DeFi. The network is seeking new opportunities and partnerships, including deploying the Spark Protocol on zkSync Era Mainnet, whose primary purpose is improving liquidity and supporting the ecosystem’s growth.

Spark Protocol features popular DeFi digital assets such as wETH, wstETH, rETH, and DAI as initial collaterals. Following the launch, the team set “a 2 million DAI liquidity goal to kickstart Spark’s growth on zkSync.

In case you missed it:

A new proposal has been put forth to deploy @spark_protocol on zkSync Era Mainnet.

It includes wETH, rETH, wstETH, and DAI as initial collaterals and setting a 2 million DAI liquidity goal to kickstart Spark's growth on zkSync.

→ https://t.co/D4XX8VlP0B

— Maker (@MakerDAO) September 21, 2023

Investors and crypto enthusiasts are also contented with Maker’s progress despite the longstanding crypto winter. “While broader crypto is in shambles, Maker continues to grow its position as the biggest in DeFi,” Rune, a user on X, said.

1)
While broader crypto is in shambles, Maker continues to grow its position as the biggest in DeFi

Everyone else shitcoin'd and ponzi'd. Maker built stuff that works & in the last month Dai grew by 400m

Next up is SubDAOs and they will be a gamechanger for growth in crypto pic.twitter.com/2k8caLckyC

— Rune (@RuneKek) September 18, 2023

Maker Price Prediction: Will MKR Rally Continue

Maker bulls have come prepared not to leave any stones unturned, considering they have nurtured this bullish outlook since June. The most significant breakout took place in early July after Maker stepped above a tough confluence resistance at $680, created by the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the lower descending trendline (dotted).

Maker also pushed above the 200-day EMA (blue) before exploding into a rally, hitting highs around $1,350 in early August. Resistance at the upper descending trendline stopped the uptrend, leaving MKR to correct below $1,000 and later hold above support at $950.

All three moving averages have played a leading role in Maker’s rally, assuring that bulls have the reins and the path with the least resistance is to the upside.

Maker Price chart — MKR/USD daily chart | Tradingview

Most technical indicators flipped to support the uptrend, including a call to investors to buy MKR from the Moving Average Convergence Divergence (MACD). A subsequent break above the same upper descending trendline opened the door to the ongoing uptrend, where Maker deals with resistance between $1,450 and $1,500.

If bulls managed to bring down this hurdle, investors would start acclimatizing to gains, targeting highs above $2,000 but, most importantly, the resistance at $2,500.

However, caution is advised, considering the Relative Strength Index (RSI) is currently entering the overbought region. If Maker loses momentum at this level, it would be forced to retrace in search of fresh liquidity before resuming the uptrend.

In that case, traders should keep certain levels in mind as they will likely serve as support areas to absorb the selling pressure. The dilapidated general market structure could also hamper the uptrend and add to the selling pressure.

Support at $1,250 coinciding with the upper trendline may come in handy, not to mention the 50-day EMA at $1,187, the 100-day EMA at 1,086, and the 200-day EMA at $950. Price movement below $950 could trigger a massive sell-off as MKR holders will likely start panic selling.

Promising Maker Alternative – Memes Kombat

Aligning with the right project at the right time is critical to making a fortune in the crypto market. The era of meme coins has significantly reduced the barriers to entry, especially for investors who thrive by buying into new tokens.

Memes Kombat is one of the best-performing meme coin projects investors would hate to miss out on. The protocol combines the exciting world of memes and the competitive thrill of battle arenas or play-to-earn games.

The token native to the ecosystem, $MK, stands out for leveraging the Ethereum blockchain and its decentralized nature for a unique world, promising new gaming experiences.

New Cryptocurrency Meme Kombat ($MK) Launches Public Token Presale, Staking Platform –
New crypto project ‘Meme Kombat’ has announced the presale of its native token is now live, in a September 21st tweet from its official X account @Meme_Kombat. $MK token is able to be pu… pic.twitter.com/eIeI6WlPK5

— The Industry Spread (@industryspread) September 25, 2023

With this token, Memes Kombat can power an in-house ecosystem where players, stakeholders, and crypto enthusiasts interact and earn. $MK is used to make various activities successful, including automating battles, wagering, and staking.

$MK tokens are available for presale on Meme Kombat’s official website at $1.667 per token. The presale is selling out fast, so interested traders are advised to hurry before the price per token increases.

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