Does the Current Stature of Maker Indicate its Less Volatility in the Future?
Maker is a form of cryptocurrency that was built on the Ethereum platform. Its main aim is to enhance decentralized digital assets and to tie them up with real instruments like currency, gold etc. It has the objective to minimize its own price volatility with the help of its own stable coin, Dai, against the US dollar. The contradictory part that arises here is that Maker itself is highly volatile as it is built on a highly fluctuating platform- Ethereum and its platform abides by the ERC20 Protocol. There are different opinions of crypto analysts regarding future investment on this crypto and this is the reason why it is important for the traders to be good observant regarding its volatility and making an apt decision at the right time.
Current status of MAKER
- The current market price of Maker is $621.63 USD (UTC 05:28) with market rank as 16th among all the cryptocurrencies that are getting traded currently.
- Currently, 1,000,000 MKR is getting traded with a sound market cap of $621,627,122 USD
- In spite of its high volatility, investment on this crypto is considered to be fruitful in the future by the cryptoanalysts.
Price analysis of MAKER from the below-given chart
From the chart above, MKR is currently getting traded with a value of $621.54 or 0.15748289 BTC (UTC 05:37). Its current market cap is 621,538,499 USD with 2,139,215 USD as its 24h volume. From the same chart, if the price of MKR nearly 1 month back from today is considered, it is seen that on 31st January, it was valued at 387.53 USD. Thus, if we analyze the price of MKR, we can say that its price has hiked by 60.38 in this nearly 1 month period. Within this period, the price of MKR has got a very good support level with a value of $547.69 USD on February 14, 2019 and since, then, a bullish trend is observed.
Future price predictions of MKR
As per the assumptions of the cryptoanalysts, the price of MKR can be around $628.0950 tomorrow. So far long-term price prediction, i.e., a 5-years plan is considered, the analysts have given positive hopes that by investing on this crypto, the traders can have the opportunity to make lucrative returns in the upcoming days. According to the analysts’ predictions, the price of MKR after five years from now can be around $2,301.4658. Now, as it is also highly volatile crypto, one question is remaining obvious- Will there be pretty losses if the price of MKR drops significantly to a great extent? Well, as per the technical analysts, they said that although volatility in prices will persist, it will never deter that low to incur extensive losses upon its investors. So, traders can definitely take MKR into their account when long term investment on cryptocurrencies are concerned.
Summing up
MKR, although high volatile crypto, has the ability to incur immense profit to its investors in the future. With its present resistance as $621.54, the analysts on the basis of its long term price analysis, have assumed that long term investment on this crypto can benefit the traders to a great extent.
