MKR, the crypto currency of the Maker ecosystem, started the day with an increase of about 4 percent with the effect of the developments experienced.
Standing out with its DAO structure, Maker started to rise after sharing the developments in its ecosystem. The smart contract platform stated that the ecosystem is getting stronger in social media sharing. The price expectation of the intense interest in the ecosystem brought the rise despite the market conditions that continued their bad course.
Why Did Maker Rise? Will the Ascension Continue?
Despite the red color of the crypto markets, MKR is spending the day with an increase of about 4 percent. The popular coin, which has experienced a price increase of more than 12 percent in the last week, is increasing its market value day by day.
MKR, which has been showing an upward movement since September 22, has not lost its momentum with the effect of development studies. Despite seeing heavy selling pressure in the last week, it gained more than 12 percent.
According to the MKR chart, it was predicted that the bears would now come forward and suppress the price. However, the recent ecosystem sharing has made the bulls even more appetizing.
In its share, the smart contract platform talked about the increase in the number of users on the MKR network. MKR announced the improvement as the level of authorized users has reached an all-time high. The platform stated that with the increase in delegates, approximately 187 thousand coins have been staked in its ecosystem.
The positive reflection of the ecosystem developments led to the price increase. MKR continues its steady rise thanks to low supply, low market value and strong DAO.
MKR Chart Analysis
Maker stands out as a smart contract platform used to stabilize and support the price of the dollar-denominated DAI token. The platform, which has released the DAI token with a stronger stablecoin logic, comes to the fore with its updates. According to the stablecoin mechanism, MKR is used in the production of DAI tokens and the amount used is burned automatically. In this way, future interest in the popular stablecoin is also reflected in the pricing of MKR. The system previously used by Luna, MKR runs smoothly.
MKR Chart AnalysisAccording to NewsGerona’s analysis, the bullish trend remains bullish as it maintains its strength. While the 14-day RSI is coming to 60 levels, it shows that if the positive momentum continues, it can be reached in the overbought region.
With the bullish momentum staying above the neutral zone, strong bullish waves are expected to come. MKR is trading around $785 at the time of writing.
If the bulls stay strong, the popular coin could approach the $811 resistance level for the first time since August. However, it needs more interest to break the $844 resistance in the short term. If bears dominate, the nearest support level stands out to be around $740. A break of the support level could mean the end of the uptrend.
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