This article will analyze the MKR coin according to coinmarketcap data. First, we will discuss the MKR coin and its projects and make a technical and graphic analysis. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is MKR Coin?
MKR is a cryptocurrency that powers the MakerDAO ecosystem, a decentralized platform built on the Ethereum blockchain that enables users to issue and manage a stablecoin called DAI. MKR is used to govern the MakerDAO platform and is involved in managing the risk of the system.
What are the projects of MKR?
The main projects of MKR include:
- Managing the stability of the DAI stablecoin.
- Ensuring that its value is pegged to the US dollar.
- Providing governance for the MakerDAO platform.
MKR holders have voting rights and can vote on proposals related to the management and development of the MakerDAO ecosystem.
Factors Influencing MKR Price
Factors that can influence the price of MKR include:
Demand for DAI: As MKR is used to govern the MakerDAO ecosystem and manage the risk of the system, demand for DAI can affect the value of MKR.
Adoption of the MakerDAO ecosystem: As the MakerDAO ecosystem grows and more users adopt the system, the demand for MKR may increase.
Overall market sentiment: The overall sentiment in the cryptocurrency market can also influence the price of MKR, as it is a cryptocurrency.
Development updates: Progress in the development of the MakerDAO ecosystem can impact the value of MKR, as investors may be more willing to invest in a project that is making progress and achieving milestones.
Competition: The emergence of new projects that offer similar solutions to MakerDAO could impact the adoption and demand for MKR.
MKR COIN TECHNICAL ANALYSIS
After seeing its highest value of $ 6348 in May 2021, MKR, which entered a downtrend, lost 92% of its value and fell to $ 500. MKR, which rose above $ 900 with the purchases at the beginning of 2023, could not stay on the falling trend and went down again. It is currently trading at $678. According to coinmarketcap data, MKR, which has a size of $663,602,776, has had a volume of $38,658,471 in the last twenty-four hours.
MKR Chart Analysis
After seeing the peak value of $ 6348, MKR, which went down, continues to upset its investors. When we examine the MKR chart, which is traded at $ 678 with 92% depreciation, the selling pressure will continue as long as it remains under the falling trend. MKR, where we can experience a pullback to the horizontal support level of $ 475, can move towards the $ 1191 and $ 1979 resistances if it breaks the falling trend upwards.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.