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Maker Price Outlook: MKR Gearing Up for 20% Uptick?

Maker DAO
Maker DAO

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The Maker DAO token is trading in a second bullish session, rising as much as 15% on Monday to the current price of $1,149. At the time of writing, MKR was the fourth biggest gainer on Sept. 13.

The gains are being led by Toncoin (TON), which has rallied 10% in the past 24 hours to trade at $1.91. This is followed by Compound (COMP), up 10% since Tuesday to $40.23. VeChain (VET) came in third after having risen 7% over the last 24 hours to exchange hands at $0.0162. Aptos (APT) closed the top five crypto gainers with 3% gains over the same timeframe. 

Top Crypto Gainers Sept. 13

MakerDAO has been one of the crypto companies that participated in the Korea Blockchain Week between Sept. 4-10. MakerDAO presented at the main event in Seoul as it unveiled its “SubDAOs to the Korean community” in what was referred to as the “SubDAO Genesis Event.”

During the presentation, @RuneKek, co-founder of MakerDAO explained the “SubDAO organizational structure“, highlighting its important role in the firm’s evolution.   

For example, the SakuraDAO was presented as a SubDAO designed to help users “earn DeFi yields, while nurturing a community passionate about genuine Japanese culture.”

From Seoul, MakerDAO moved to Singapore for the Token209 crypto event which is taking place between Sept.13-14. RuneKek participated in a panel discussion at the event on Wednesday and will give a keynote speech on Thursday, “Diving into the Future of Maker.”

With these events, MakerDAO is explaining its project “End Game” and SubDAO to the crypto world. This has, in turn, sparked investor interest in the MakerDAO governance token, MKR, which is gearing up for a sustained recovery.

Maker Price Needs to Rise Above 50 SMA to Secure Upside

MKR price hovers around $1,149 as it fought immediate resistance from the 50-day Simple Moving Average (SMA) at $1,157. Flipping this into support would suggest the ability of the buyers to sustain the higher levels. 

Maker would then rise to confront resistance from the upper boundary of the ascending parallel channel at $1,220. Additional barriers lie at the $1,250 supply zone and the $1,300 psychological level. Beyond that, MKR price could rise to revisit the Aug. 2 range high at $1,369. This would represent an approximately 20% increase from the current price.

MKR/USD Daily Chart

Maker Price Chart - Sep 13
TradingView Chart: MKR/USD

This optimistic outlook is validated by the fact that the token trades within the confines of an ascending parallel channel. As long as the Maker price continues to trade in the pipeline, it is set to continue rising. 

In addition, the up-facing moving averages and the upward trajectory of the Relative Strength Index (RSI) add credence to MKR’s bullish narrative. The price strength at 54 suggested that the buyers were re-entering the market.

On the downside, a daily candlestick close below the middle boundary of the prevailing chart pattern at $1,150 would see Maker drop to seek support from the lower boundary of the channel at $1,089.

Such a move would trigger massive sell orders, and the ensuing selling pressure could pull the token first toward the 100-day SMA at around $980 and later to the 200-day SMA at $850. 

Those seeking to go long on the MakerDAO token had to wait for a decisive close above the ascending parallel channel. In the meantime, investors could look into new cryptocurrencies in presale, such as Bitcoin BSC, which are performing well in presale.

MKR Alternatives

Bitcoin BSC

BTCBSC, the native token of the Bitcoin BSC ecosystem, gives investors who missed out on the Bitcoin (BTC) train in 2011 a second chance.

Bitcoin BSC is built on the Binance Smart Chain, known for multiple scaling solutions. These include speed, security, smart contract capabilities, affordability, and efficiency, delivered through seamless access through the everyday Trust Wallet or MetaMask decentralized applications (dApps). This makes it easy to store and trade BTCBSC.

The token has been performing well in presale with over $1.5 million raised so far. Interested investors can buy BTCBSC for $0.99 using Ethereum (ETH), Binance Coin (BNB), or Tether (USDT). 

BTCBSC raise

The project offers several avenues for users to earn passive income. It has a staking feature aimed at reducing selling pressure on the token and providing a means for passive income.

Other options for earning passive income include the referral program. First, connect your wallet to the Bitcoin BSC website to get the referral link. The link is unique to you, and when you share it, everyone who uses it to join the Bitcoin BSC bandwagon will be an income earner for you. As a result, you are eligible to get 5% off every transaction they make.

With these fantastic features, experts say BTCBSC is among the few tokens with the promise of 10X gains. 

Visit Bitcoin BSC here for more details on how to take part in the presale.

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