Maker Price Analysis: MKR/USD
Maker is comprised of a stable coin, collateral loans, and decentralized governance. Maker, the 20th largest cryptocurrency (by CoinMarketCap) with its current market cap trades $300,704,200 (12:42 UTC) on February 04 declined in current value by 27.4% relative to January 06 as analyzed from the graph above. However, the MKR/USD pair gained in value by 19.12% relative to December 10 as interpreted from the graph above.
The significant fall in value relative to December 10 was supposedly due to strong bearish pressure that almost all altcoins have experienced.
The MKR /USD pair where it remained ‘uptrend’ for a longer period recently from December 17 to January 09 as interpreted from the graph above. As we can analyze from the graph above that 20-day EMA is above the current value which states ‘downtrend,’ which can be analyzed from the graph above. Traders should remain on the sideline to create a long position to the extent that next “uptrend” takes place.
Let us glance about a specific milestone that this cryptocurrency attained in the recent past. The MKR /USD pair remained range bound from December 18 to December 28 last year, as the cryptocurrency rallied from a low of $385.93 to a high of $524.64 which is a 35.9 percent return within ten days.
Now, let us talk about the trading moment of Price, and Market Cap analyzed through CoinMarketCap as follows:
As we can quickly examine from the graph above that the MCap trades at $300,704,200 (12:42 UTC) on February 04 with the Price (BTC) 0.11948795 and Price/USD is 420.60 through orange trend line with 24h Volume 455,992USD (12:40 UTC) can be interpreted from the graph above.
As we can analyze from the graph above that MCap traded all-time high on January 07 above both price conversion – BTC and USD. However, from January 25 onwards, BTC took the lead until today.
However, based on the first graph, if bulls were succeeding above the current resistance level 420 (12:51 UTC) (i.e., price traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $393.
When we discuss about the Dai Stablecoin which is a collateral-backed cryptocurrency whose value is stable relative to the US Dollar, since stable digital assets like Dai Stablecoin are essential to realizing the full potential of blockchain technology, let us not forget that Dai stands to transform the financial industry by creating a stable and decentralized currency that will allow businesses to realize the future of money. Maker is a smart contract platform on Ethereum that backs and stabilizes the value of Dai through a dynamic system of Collateralized Debt Positions (CDPs), independent feedback mechanisms, and appropriately incentivized external actors. Additionally, Maker enables anyone to leverage their Ethereum assets to generate Dai on the Maker Platform. Once created, Dai can be used in the same manner as any other cryptocurrency which can be freely sent to others, used as payments for goods and services, or held as long term savings. Importantly, the generation of Dai also creates the components needed for a robust decentralized margin trading platform!
Please feel free to visit https://makerdao.com/ to know more about this cryptocurrency!