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The Maker price soared 7% in the last 24 hours to trade at $2,134 as of 5.20 a.m. EST on trading volume that skyrocketed 66% to $114.4 million.
The project’s price saw a surge soon after reports emerged saying that the asset manager Grayscale Investments launched a new investment fund for MakerDAO. The company announced its plan in a press release yesterday, August 13, saying that the new trust will offer investors an opportunity to gain exposure to MKR, the utility and governance token for the Ethereum-based autonomous organization MakerDAO.
The news was exciting for MKR investors, and it emerged as an opportunity for those looking to invest in any cryptocurrency that has a strong chance to blow up. As a result, the MKR price surged due to increased demand, but it encountered a resistance at $2,150, after going up by 8%.
Maker Price Prediction
The MKR price skyrocketed in the last 24 hours, but it seems like it reached its limit after approaching the resistance at $2,150. Soon enough, the price corrected slightly, and according to some of its technical indicators, the drop might continue in the following hours.
Maker’s Bollinger bands, for example, narrowed significantly since its price hit the resistance, which is a bearish sign. However, its price started fluctuating between the upper and lower band, displaying signs of uneasy stability at first. In the last few hours, however, the price started pushing the lower band further down, displaying a more bearish sentiment.
On the other hand, there was the project’s Relative Strength Index (RSI) value, which was deep in the overbought zone some 24 hours ago. However, since then, it dropped back into the neutral area, also with strong fluctuations. This showed that bulls and bears were fighting for dominance, with some trying to profit by selling MKR after its surge while others were buying, likely convinced that the growth might continue.
In the last few hours, however, the MKR RSI value started to drop toward the oversold zone, which suggests that the bears are in the lead right now. As a result, the MKR price could see a strong correction in the near future, so buying the token now would likely be a bad move. Instead, traders might want to consider waiting until the price finds its bottom, and then buying the dip.
Promising Alternatives to Maker
For the moment, Maker has seemingly reached its limit, and its correction is already starting, making this a bad time to start buying. However, that doesn’t mean that there are no alternatives — other cryptos that are less risky to get into at this moment. One example is PlayDoge (PLAY) — one of the crypto sector’s most anticipated meme coin/P2E projects.
Essentially, PlayDoge became popular when it announced its upcoming P2E game which was based on Tamagotchi, a hit toy from the ‘90s which found its way into most households globally. This was a small device that could fit inside your pocket, and it housed your own personal digital pet that you could feed, play with, and train.
PlayDoge will offer the same, only your 2D Doge pet will come in the form of a mobile app. But, your interactions with the pet will be similar, with one major difference — you will be rewarded with PLAY tokens for taking care of your pet regularly. You can further boost your earnings by completing mini-games and collecting enough XP to climb to the top of the leaderboard.
We're in the final stage of the #presale. 🚨
Are you ready for the best #P2E game of the year? 🔥
Earn $PLAY tokens and choose wisely what you feed your PlayDoge! 🌶️
LAST CHANCE TO BUY! 👇 https://t.co/JT0VEofqf2 pic.twitter.com/L3vML5z3xi
— PlayDoge (@PlayDogeGame) August 13, 2024
The project recently announced that its ICO is entering its final stage now, so if you are interested in supporting it, now is the time to join, before it all ends. So far, the presale has raised over $6 million, while the PLAY token sells for $0.00529. You can purchase the token with ETH, USDT, BNB, or credit/debit cards.
The news was already covered by some crypto experts, such as the one behind the YouTube channel Cryptonews, who predicted that the announcement would likely cause the ICO to explode in its final days.
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