Maker is the governance coin of MakerDAO along with DAI which is the native token of the protocol. Maker facilitates the fluctuation of the price of DAI to make sure the stablecoin stays at $1 and provides the holders with the ability to earn interest on outstanding deposits. Both the tokens are based on the Ethereum platform. This opportunity to partake in the management of the one of largest stablecoins makes the MKR token attractive and consequently impacts the value. The asset has risen by 1.75% in price while the volumes have dropped by 17.78% in the last 24 hours.
At the time of writing, MKR was trading at $739.
MAKER was trading in a downtrend over the past two months, and the prices corrected almost by 55% from $1,299 and made the bottom of $581. The asset made an ‘Inverted Hammer’ pattern which indicates a bullish reversal or short-term downtrend reversal and the prices rallied up to $771. On a daily time frame, MKR has a strong resistance zone from $700 to $675 (20-Day Moving Average & Horizontal Trendline). If it holds and sustains above the support then we can expect the bulls to resume the up-move. To further rally, it needs to break and close above the resistance of $795.
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