Despite the current bearish trend on the cryptocurrency market, Maker token still thrives. Maker is trading currentlyToday’s price is $811.28. This is an increase of as high as 5.72% over the previous day.
Despite the positive market movements of the last 24-hours, bearish sentiment prevails and is likely to continue through mid-October 2022.BTCUSD Analysis October 3, 20,22
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Today, MKR trades at a record $27 billion $47.47 million. CoinMarketCap ranks it 55th currently.
In 24 hours, the average price fluctuation is more than $50 The current 24-hour low is $752.01, while the highest price is $816.50.
What is Boosting the Price of Maker, Despite All The Bearish Sentiments
Numerous predictions fell apart after the Ethereum merger. The price of ETH dropped rather than rose. Profits were lost when miners were discarded as validators. This led to miners selling their ETH in the days before the merge.
The Ethereum blockchain is the basis of the maker token, a stablecoin which can be soft-pegged to US dollars.
In volatile markets, the peg to US dollars helped the token stay more stable. Maker is a pioneer of Decentralized Finance. Decentralized exchanges are popular because they make it easy for users to access.
You can vote and participate directly in the governance of your tokens. Since Ethereum and Bitcoin prices have fallen, the flexibility of the platform has led to more people choosing the token.
Maker’s high volume trading makes it a great place for day traders looking to profit. The current trading volume is $48,101 071.Source: MKRUSD chart on TradingView.com
MKR: Bearish Predicted to Begin Quickly
MKR market sentiments strongly suggest that the coin will go on a bearish trend and stop its rally. It is expected to cross the $1160, $960 and $1060 resistances. If the coin does not break below $800 it will rest at support levels of $700, $600 and $800.
Experts believe the price of oil can plummet suddenly despite the rally. Market forces are a powerful determinant.
According to market analysts, Maker (MKR), is making enough progress that buyers will buy more tokens and raise the price. A bearish reversal is most likely if investors don’t buy Maker tokens.
In recent years, cryptocurrency assets have faced high volatility. The Maker price chart’s technical and fundamental analysis shows it may be rising again.
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A head-shoulder pattern formed between June 2022 and August 2022 suggests a possible trend reversal.
MKR is not likely to surpass $6339.02, its highest point on May 3, 2021.
Featured image taken from Pixabay. Chart from TradingView.com