Maker(MKR) Price Prediction 2023 — Will MKR Hit $1200 Soon?
- Bullish MKR price prediction for 2023 is $741 to $1106.
- Maker (MKR) price might reach $1200 soon.
- Bearish MKR price prediction for 2023 is $375.
In Maker (MKR) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about MKR to analyze the future movement of the cryptocurrency.
Maker (MKR) Current Market Status
| Current Price | $899.93 |
| 24 – Hour Trading Volume | $136,083,337 |
| 24 – Hour Price Change | 5.2% high |
| Circulating Supply | 901,310 |
| All – Time High | $6,292.31 (on May 03,2021) |
What is Maker (MKR)?
Maker (MKR) is the governance token of the Maker protocol built on the Ethereum blockchain. MKR, was created by makerDAO and launched in 2015. Maker protocol and MakerDAO manage and provide the smart contracts ecosystem for one of the largest stablecoins, DAI.
Maker ecosystem, thus, comprises two tokens, MKR and a decentralized stablecoin, DAI. It is an open-source project that is recognized as one of the largest dApps existing on the Ethereum blockchain.
Maker (MKR) Price Prediction 2023
Maker (MKR) ranks 70th on CoinMarketCap in terms of its market capitalization. The overview of the Maker price prediction for 2023 is explained below with a daily time frame.
MKR/USDT Ascending Channel Pattern (Source: TradingView)
In the above chart, Maker (MKR) laid out an ascending channel pattern. An ascending channel is defined as the price action contained between two parallel upward-sloping lines. This price pattern is distinguished by higher highs and lower lows. An ascending channel is created by drawing a lower trend line that connects the swing lows and an upper channel line that connects the swing highs.
Price does not always remain entirely formed within the parallel lines of an ascending channel, but instead shows areas of support and resistance that traders can use to set stop-loss orders and profit targets. A breakout above an ascending channel may indicate a continuation of the upward trend, whereas a breakdown below an ascending channel may indicate a change in trend.
Maker (MKR) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Maker (MKR) in 2023.
MKR/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as the resistance and support levels of Maker (MKR) for 2023.
| Resistance Level 1 | $741 |
| Resistance Level 2 | $1106 |
| Support Level 1 | $501 |
| Support Level 2 | $375 |
As per the above analysis, if Maker’s (MKR) bulls take the lead, then it might hit and break through its resistance level of $1106.
Conversely, if Maker’s (MKR) bears dominate the trend, the price of MKR might plunge to $375.
Maker (MKR) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Maker (MKR) are shown in the chart below.
MKR/USDT RVOL, MA, RSI (Source: TradingView)
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of Maker (MKR) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the MKR price lies below 50 MA (short-term), indicating its downtrend. Hence, MKR is in a bearish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of MKR is at 51.90. Therefore, this indicates MKR is neither oversold nor overbought state. Also, this confirms that MKR sends out a buy signal.
Maker (MKR) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Maker (MKR) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
MKR/USDT ADX, RVI (Source: TradingView)
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of MKR lies in the range of 22 pointing out a weak trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of MKR lies below 50, indicating low volatility.
Comparison of MKR with BTC, ETH
Let us now compare the price movements of Maker (MKR) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs MKR Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of MKR is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of MKR also increases or decreases respectively.
Maker (MKR) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Maker (MKR) between 2024 and 2030.
Maker (MKR) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Maker (MKR) might successfully test and surpass its resistance levels to hit $1210 by 2024.
Maker (MKR) Price Prediction 2025
The significant upgrades in the Maker ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Maker (MKR) price to reach $1215 by 2025.
Maker (MKR) Price Prediction 2026
If Maker (MKR) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $1219.
Maker (MKR) Price Prediction 2027
If Maker (MKR) sustains major resistance levels and stands as a better investment option in the market, then MKR would rally to hit $1225.
Maker (MKR) Price Prediction 2028
If Maker (MKR) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then MKR would hit $1231 by 2028.
Maker (MKR) Price Prediction 2029
If investors flock in and continue to place their bets on Maker (MKR), then the crypto would witness major spikes. Hence, MKR might hit $1236by 2029.
Maker (MKR) Price Prediction 2030
By 2030, the MKR price might rally to $1240 if the trend momentum aligns in favor of Maker. Furthermore, MKR would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.
Conclusion
If Maker (MKR) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Maker (MKR) price prediction for 2023 is $1106. Comparatively, the bearish Maker (MKR) price prediction for 2023 is $375.
If there is a positive elevation in the market momentum and investors’ sentiment, then Maker (MKR) might hit $1200. Furthermore, with future upgrades and advancements in the Maker ecosystem, MKR might surpass its current all-time high (ATH) of $6,339.02 and mark its new ATH.
FAQ
1. What is Maker (MKR)?
Maker (MKR) is the governance token of the Maker protocol built on the Ethereum blockchain.
2. Where can you buy Maker (MKR)?
Traders can trade Maker (MKR) on the following cryptocurrency exchanges such as Binance, OKX, Deepcoin, CoinW, and Bybit.
3. Will Maker (MKR) record a new ATH soon?
With the ongoing developments and upgrades within the Maker platform, Maker (MKR) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Maker (MKR)?
Maker (MKR) hit its current all-time high (ATH) of $6,339.02 on May 03 2021.
5. What is the lowest price of Maker (MKR)?
According to CoinMarketCap, MKR hit its all-time low (ATL) of $21.06 on Jan 30, 2017.
6. Will Maker (MKR) hit $1200?
If Maker (MKR) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $1200 soon.
7. What will be the Maker (MKR) price by 2024?
Maker (MKR) price might reach $1210 by 2024.
8. What will be the Maker (MKR) price by 2025?
Maker (MKR) price might reach $1215 by 2025.
9. What will be the Maker (MKR) price by 2026?
Maker (MKR) price might reach $1219 by 2026.
10. What will be the Maker (MKR) price by 2027?
Maker (MKR) price might reach $1225 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not interpret any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/maker-mkr-price-prediction
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
