MKR Sheds Over 7% As Bulls Take Over the Market. Can the Bulls Sustain the Momentum?

MKR serves as the governance token for Maker and the Maker Protocol, an Ethereum-based decentralized organization and platform designed for managing the DAI stablecoin. 

In a recent market movement, MKR has experienced a significant decline of over 7% as bullish sentiment takes hold. Also, DefiLlama reported that Maker had been dethroned by Aave (AAVE) as the second largest DeFi protocol in terms of TVL.

As of 11:28 EST, the total value locked (TVL) in Maker stands at $5.428 billion, representing a decrease of 15%. This is since SVB’s collapse on March 10, which also led to the loss of parity between the USDC, DAI stablecoins, and the U.S. dollar.

Recent MKR Price Movement

After closing the second quarter on a bearish momentum, the asset has been consolidating between key price levels. However, on June 30, MKR witnessed an impulsive move, surging significantly over 44% to $1000.

As of 11:30 EST, MKR is at $978, increasing by over 7% in the last 24 hours. According to data, its trading volume is up today by 25%, representing its value of $74.9 million. Additionally, MKR holds the 44th top crypto asset with a market cap of over $956 million.

Technical MKR Price Review

Looking at the chart above, MKR/USDT has bounced off from the middle band of the Bollinger Bands Indicator, suggesting a potential bullish sentiment.

This indicates that the price experience a significant price increase in the coming days, providing buy opportunities for traders and investors.

The asset’s Relative Strength Index (RSI) is at 62.28, suggesting that the asset is experiencing a moderate level of buying pressure in the market. This indicates that the asset’s price has been relatively strong but is not yet overbought territory. 

Traders may interpret this as a sign of positive momentum but should consider other indicators to make well-informed trading decisions.

Potential Resistance Break Out

The price action of MKR can be observed on the chart, where it tested the resistance trendline twice on July 03 and July 05.  Unfortunately, the bearish momentum prevailed during these attempts, causing the asset to decline towards the support level at $843. 

However, the bulls regained control and exerted upward pressure, leading to a bounce off from the support above the level. Should the price of MKR break below the significant support level of $843, the next notable level to watch for would be $658. 

This level is important as it could act as a critical support zone where increased buying interest may emerge. 

Expert’s Price Prediction on MKR

Based on PricePrediction’s analysis, Maker’s projected price 2023 shows a potential lowest level of $723.64, while the maximum level could reach $841.31, with an average forecast price of $754.31. 

Digital Coin’s Maker price predictions indicate that MKR is expected to surpass the $557.77 mark, with a minimum price expectation of $542.02 by the end of the year. MKR also can reach a maximum level of $1,403.91. 

However, Wallet Investor’s Maker price forecast suggests a lack of anticipated long-term growth, with a predicted price of $28.136 for 2024, indicating a high-risk nature that may not make it an appealing investment option for one year.

Factors Affecting the Price of MKR

Maker functions as a decentralized autonomous organization (DAO) in which MKR token holders possess the authority to make governance choices. 

Alterations in governance decisions, such as modifications to interest rates, collateral prerequisites, or supply adjustments, can substantially influence MKR’s value. 

Investors diligently observe these protocol decisions as they can impact the general well-being and stability of the MakerDAO ecosystem, consequently exerting an effect on the price of MKR.

Recent Happening Within MakerDAO Ecosystem

Maker Loses Its Position to Aave As the Second-Largest Defi Project In Terms Of TVL

According to data from DefiLlama, Aave (AAVE) has surpassed MakerDAO (MKR) as the second-largest decentralized finance (DeFi) protocol in terms of total value locked (TVL). Lido Finance (LDO) has taken the lead position, pushing MakerDAO down to the third spot.

The continuous decline in Maker’s TVL over the past months was further intensified by the collapse of Silicon Valley Bank (SVB), the loss of parity between USDC, DAI stablecoins, the U.S. dollar, and the decrease in DAI supply rates. 

As of 11:30 EST, Maker’s TVL stands at $5.58 billion, representing a 15% decrease since the collapse of SVB on March 10 and the loss of parity between USDC, DAI stablecoins, and the U.S. dollar.

VC Exodus: Implications of Major Firms Exiting Maker and its Future Prospects

In a series of tweets on July 15, the anonymous DeFi analyst Nah_Gmy discovered that the final two US-based venture capital (VC) firms have surrendered their positions. 

According to Nah_Gmy, a research-oriented technology investment firm, Paradigm, sold off its holdings four months ago, while a16z is currently liquidating. 

This development follows the earlier divestment of MKR holdings by VC firms Polychain and Dragonfly, signaling a concerning trend of prominent VC firms exiting Maker. 

The continuous departure of these influential investors paints a discouraging outlook for Maker’s future. In contrast, Rune Christensen, the co-founder of Maker, has notably increased his accumulation of MKR tokens in the past month. 

Nah_Gmy pointed out that Christensen might be one of the rare founders in the crypto industry who has personally purchased their token. 

Since November 2022, Christensen has sold 13.57 million LDO tokens, generating approximately $26.14 million. The average selling price for these LDO tokens was $1.92. 

With the proceeds from these sales, he has repurchased 32,637 MKR tokens, spending $23.95 million at an average price of $734 per token. The Co-Founder’s two addresses currently possess 123,893 MKR tokens, which amounts to around $122 million. 

This ownership constitutes approximately 12.6% of the overall circulating supply of MKR tokens. It demonstrates his dedication to ensuring the stability and success of Maker.

New AI Crypto yPredict Nears $3M Presale Milestone

In the thriving Web3 and artificial intelligence (AI) world, several captivating crypto startups have emerged, and yPredict ($YPRED) stands out as one of the most noteworthy. With its pioneering and ambitious offerings, yPredict has been generating considerable excitement. 

Harnessing the capabilities of advanced AI technology, yPredict provides a comprehensive suite of tools encompassing crypto analytics, SEO solutions, and various other valuable features.

Notable Feature of the yPredict Platform

• Backlink Estimator – Re-structuring SEO Strategies:

yPredict has introduced a groundbreaking AI-driven backlink estimator, revolutionizing SEO strategies. 

This pivotal addition signifies a significant milestone for yPredict as it expands its offerings to cater to medium to large-scale teams, broadening its reach to a wider target audience. 

The backlink estimator utilizes a vast dataset of over 100 million links and predicts the ideal backlink profile required for a website to rank for a specific keyword. 

By eliminating guesswork, this innovative feature empowers users to implement more precise and effective SEO strategies. Importantly, investors who purchased the $YPRED token through the ongoing presale will have full access to the backlink estimator tool.

• Revolutionized Crypto Analytics Tool:

While the inclusion of SEO tools presents an exciting expansion of yPredict’s product lineup, the platform’s primary focus revolves around crypto analytics. 

As outlined in yPredict’s whitepaper, the platform aims to revolutionize the industry by delivering cutting-edge AI-powered tools that offer unbiased insights to global traders. 

Leveraging machine learning models, the yPredict platform meticulously analyzes extensive sets of price data, enabling it to identify trends and furnish users with valuable market guidance.

• Alt-Pump-001 Tool:

yPredict is making notable advancements by introducing Alt_Pump_001, an AI-driven model that provides valuable insights into the altcoin market. 

This innovative tool empowers investors to identify upcoming altcoins with the potential for remarkable surges of 100x or more in value. 

While Alt_Pump_001 is typically accessible through a subscription model priced above $1,000 per month, purchasers of $YPRED tokens during the presale can access this tool for free by meeting a minimum purchase requirement of $500.

Tokenomics

A significant portion of the total $YPRED supply, a staggering 80%, is being offered in the ongoing public presale, while the remaining 20% is allocated for liquidity, treasury, and development purposes. 

This equitable distribution of tokens is one of the primary factors driving the growing interest in yPredict within the market. Renowned YouTuber Michael Wrubel has expressed optimism about the project, further boosting its reputation. 

With its innovative blend of AI-powered analytics tools and groundbreaking SEO strategies, yPredict has the potential to revolutionize the digital asset landscape, promising a transformative experience.

How to Buy yPredict Tokens at Presale

• Create or Open a Crypto wallet (MetaMask or Trust Wallet)
• Purchase crypto (ETH, MATIC, BNB, or USDT) to swap for $YPRED.
• Get the yPredict wallet address from the yPredict website, head to your wallet, click send, choose the crypto you’re paying with, and paste the wallet address.
• Copy your wallet address, then return to the yPredict site and paste it into the address box.

Investors will be able to claim their yPredict tokens after the end of the presale.

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