MKR is Bullish; How Long Could This Last? Checkout Burn Kenny - A Possible Rival

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Maker (MKR) has been performing well since it kick-started a rally on July 24, 2023, closing at $1030.83.

Maker Protocol is a decentralized finance platform that grants token holders access to vote within the platform to govern DAI (its stablecoin).

The protocol is built on Ethereum to facilitate the lending of DAI in the decentralized finance (DeFi) space.

MKR’s Price Performance

The asset has gained 22% in the past seven days, with a low and high of $896.62 and $1,170.10, respectively. MKR’s price has risen 10%, with a market price of $1102.94 in the last 24 hours.

This price indicates a 23% price increment in the past 14 days and about 58% in the last 30 days.

MKR Might Retain Its Bullish Trend

The daily chart shows MKR is observing a bullish trend and could retain it in the coming days. The asset trades above the 50-Day and 200-Day Simple Moving Average (SMA), a short and long-term bullish signal for MKR.

The Relative Strength Index (RSI) is 68.24, moving to the overbought zone (70), depicting increased buying pressure on MKR.

Also, MKR’s Moving Average Convergence Divergence (MACD) indicator is above the signal line, indicating a strong uptrend and potential for more rallies in the coming days.

MKR’s Support and Resistance Levels

The chart above reveals MKR has broken above two key support levels, $726.92 and $858.52. The token briefly tested and surpassed the $1159.29 resistance, but the bull couldn’t sustain the rally, pulling down.

However, MKR shows signs of a bullish recovery that could spin it above the $1159.29 threshold in a few days. Expect MKR to record new highs before the weekend if MKR conquers this resistance.

Experts Predict MKR’s Future Market Price

Some crypto analysts at CoinPedia forecasted that by 2023, the digital asset may drop to $794.85. It might have an average price of $1,163.23 and a maximum price of $1,531.61. They predicted that MKR could have a low of $982.63, an average of $1,358.74, and a high of $1,734.86 in 2024.

A team of technical experts at Bitnation forecasted that by 2026, the token might trade within an average price of $5,138.76. It could surge to $5,481.34 and might record a drop at $4,796.17.

The team shared that MKR may have a minimum price of $5,938.12, with an average of $6,280.70 and a maximum of $6,623.29 by 2027. Another set of crypto analysts at CryptoNewsZ predicted the asset might have its average market value at $3290 by 2028.

The token may drop to $3110 and later rise to $3500. Also, they said that the market price of MKR might have a maximum price of $4812, a minimum of $3815, and an average of $4313 in 2029.

Possible Factors That Might Influence MKR’s Market Value

Latest Updates Within MKR’s Network

The report shows that Spark Protocol in Maker’s MetaDAO has attained a milestone by lending over 14 million units of DAI on DeFi.

Spark Protocol is a novel third-party protocol launched on Marker’s network (MakerDOA) in May 2023. Spark provides lending and borrowing solutions for DAI holders.

A remarkable connection occurred during the Spark launch, connecting Spark protocol to Maker’s network through Maker’s Direct Deposit Dai Module (D3M).

The connection through this axis ensured flawless interaction between Spark’s lending pools and the Maker’s platform, allowing borrowers to get DAI at the best rates.

However, Maker revealed via Twitter that the adjustment made in Spark Protocol by Phoenix Labs is subject to Maker Governance judgment.

It stated that the community at Maker’s network would vote to accept or reject the latest changes made in the Spark Protocol to improve user experience. Given Spark Protocol’s innovative solution, MakerDAO could witness increased DAI adoption and utility.

Recent News on Maker Network

A notable blockchain analytics firm, SpotOnChain, shared that the founder of MakerDAO, Rune Christensen got 213.2 units of MKR at a price of $938.2 by swapping 200 thousand DAI tokens.

According to the on-chain sleuth, he added $420 thousand units of DAI and $445 thousand tokens of MKR to Uniswap to provide liquidity. This could boost MKR’s total value locked (TVL), which bodes well for MKR’s price.

Could Burn Kenny ($KENNY) Be A Good Alternative?

Burn Kenny ($KENNY) is a humor-filled token designed to scale its price by leveraging meme coin virality. The project is designed with a deflationary mechanism to ensure a boost to the value of its token.

The Burn Kenny drew inspiration from the prominent character in the South Park series, Mr. Kenny McCormick. The entire project portrays Kenny McCormick’s fate in the crypto space to ensure the sustainability of the token’s worth.

The token is a game changer due to its unique, fun dimension and burn mechanism, which could facilitate a swift and fiery rally to surpass its meme ancestors.

Furthermore, the team behind Burn Kenny claimed the community backing it has all that is needed to make the token thrive and yield profit for every investor.

$KENNY’s initial coin offering (ICO) has ended. Built on the Ethereum blockchain with a total supply of over 6 billion $KENNY tokens, Burn Kenny is poised to witness massive rallies in the coming months.

During the presale session, 1 unit of $KENNY was equivalent to $0.0001875. The project sold out 40% of allocated tokens at the presale phase, meaning KENNY has limited supply to chase demand, a potential uptrend facilitator.

Features of Burn Kenny

Locked Liquidity

Burn Kenny’s founders designed it to have locked liquidity to achieve the project’s objectives of helping investors secure a stable profit plan.

It will lock 30% of the total token supply for three months on Uniswap. This help to evade the fear of rug pulls after token listing.

It might make investors feel confident in the project and stabilize the token’s price.

Token Burn Scheme

This feature is a useful one that will help $KENNY keep appreciating in market value. It will reduce the circulating supply in the crypto market.

The burning scheme supports the principle of demand and supply, which states that when the supply of an asset is lesser, the demand will become higher, and the price will also increase.

This means there is a tendency for the token to gain market value when the community burns tokens.

$KENNY’s Price Moves

According to Dexscreener, the asset started trading against WETH on July 21 and recorded a slight price drop on July 24, 2023, with a close price of $0.00005208.

The market price of $KENNY today, July 25, is $0.00005700 at 14:57 EST. The market outlook in the last 6 hours indicates growing buying pressure, which could push the token’s price further.

The token has recorded liquidity at $166,000 and a fully diluted valuation (FDV) at $304,000. The value of FDV could be attracting investors for the 4-day-old meme token.

Dexscreener also shows KENNY has observed 685 transactions in the past 24 hours. Another decentralized exchange analytics platform, DEXTools, shows that $KENNY witnessed a trading volume of $391 thousand in the last 24 hours.

It also revealed that the asset recorded a market capitalization of $305 thousand in the past day.

Some Factors That May Cause $KENNY to Succeed

Listing on Centralized Crypto Exchanges (CEX)

The first CEX exchange to list $KENNY could make the token garner success for some time in the future.

If some renowned crypto exchanges like Coinbase Global Inc., Binance, KuCoin, or Huobi Global list the token, it might move investors to invest in the asset.

Token Advertisement

The token’s adoption can increase if the teams get crypto influencers from YouTube or Twitter to run their token campaign.

How to Acquire Burn Kenny ($KENNY)

Ensure you have installed the dApp crypto wallet (we recommend Trust Wallet or MetaMask)
Visit de tools website.
You can buy using either: DEXTools or Uniswap
You can buy $KENNY using WETH or ETH
To buy Uniswap, click on the buy button
You will be redirected to the Uniswap website.
Search for the $KENNY token using “Burn Kenny.”
Copy and paste this token contract address and paste it on the Search space for easy search.
Choose either ETH or WETH to proceed
Type the quantity of the chosen currency you want to spend
Click on the connect wallet button
Approve the connection.
Click on confirm button to approve your transaction.
The token purchase should be successful at this point.