MKR Technical Analysis Report | 27th October 2022


Maker (MKR) is an Ethereum-based Defi lending platform founded by Rune Christensen that allows users to plug ETH into smart contracts to mint Maker’s DAI stablecoin. Major decisions such as protocol updates are made by MakerDAO, a decentralized autonomous organization (DAO) composed of MKR token holders. Maker price is currently at $959.90, a -1.17% change in the last 24 hours. The recent price action at Maker left the market cap of the tokens at $938 Million. So far this year, Maker has a variation of -59.34%. Decentralized lending protocol Compound has paused the supply of four tokens as lending collateral on its platform which include MKR tokens too. 

At the time of writing, MKR was trading at $948

MKR after making the low of $581 saw a massive rally and the prices surged almost by 101% up to $1170.  However, the bulls failed to manage the grip on the asset as it faced stiff resistance around $1188 (Horizontal Trendline & 200 Day Moving Average) and witnessed some profit booking and dropped to $911. Post this move, MKR is consolidating in a range between $911 to $985. The asset has strong support at $895 (Horizontal Trendline & 50-Day Moving Average). If it 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 $1,188.

Support 2Support 1AssetResistance 1Resistance 2

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