Maker promises to pass the barrier of $ 800 in a short time.

$5.78 tipped



The crypto space has been in constant movement this June, the last of this Q2 2019, in which the market has managed to consolidate and Bitcoin the main reference has been able to maintain high supports that have given confidence to the market in general.



Just as part of that confidence, other altcoins have begun to see great demand in recent days and one of them is undoubtedly Makercoin, the oxygen that feeds and supports Dai, a stablecoin that has gained great popularity in recent months issued by MakerDAO.



At the time of writing Makercoin (MKR) is quoted at a spot price of $ 758.68 with a growth of -0.75% in the last 24 hours and a MarketCap of approximately $ 758 million that keeps it according to CoinMarketCap, in line number 21 of the general classification of cryptocurrencies.

190903265-746a982816e438cd4c94c6d0aaa33242069ea6912275bb8bc29a57f6834e441c.png

The MKR \ USDT pair of the Bitinka exchange dominates the Maker market scene with a 60.16% contribution to its ecosystem, followed by the MKR \ ETH pair in the same exchange with 12.25%.

190903265-2e5c7cb63b4fc1d4a1c04e28d6b71ac1fefdaf494f2d08ca87c7a7507373649a.png


In the short term, the outlook for the MKR / DAI pair looks quite optimistic. A strong  ascending channel has been created since the beginning of May 2019, leaving a level of $ 500 at current average values of $ 758, a spectacular jump of up to 51.6%, which has generated great interest in the crypto community for this digital asset and institutional investors.

190903265-687a83fe227607dc71fffb52b6faae74080208bf387705a5fb189df49f217eae.png

The key support remains at the crossing of EMA @ 30 days, with an average value of $680. Its immediate resistance that is expected to be achieved in the short term is at levels of R1 above the barrier of $ 800, a profit of up to +5.55%.


Its strong support for the worst MKR scenario is at levels of S1 @ 650.51.



The Aroon indicator becomes bullish, with its Aroon DowTrend signal at the end of the graph and with few signs of reversing the current trend.



The Chaikin Money Flow indicator remains at bullish levels, and it is expected that a greater inflow of capital into the MKR ecosystem will be generated in the coming days, as indicated by the graphical extreme of the CMF indicator (SEE ELIPSE YELLOW).



In the medium term, the chart is not different from the previous one. MKR is just at the time of writing, completing its third wave Elliot, which is expected a maximum again at levels parallel with the previous maximums (A, C) to levels of R1 @ 821.26 a profit of up to +7,47% by the end of June 2019.

190903265-9747a30180cda77464e34f1387051f5b92a5f395da947b275749b169379b6250.png

If the previous pattern is met, we could have new higher supports for MKR which would undoubtedly be the start of an escalation that could take it to 900 levels in the long term. Your current support remains at S1 levels, which is expected to assimilate MKR when the third wave ends, if it manages to break the key support of EMA 40 @ $647.24.


If this 'bad scenario' is fulfilled, we could suggest the change of strategy to shorts, in order to have returns in case of a ferocious bear attack of up to +52.62% if this type of position is established by touching the point E our active in study.

190903265-356b4b8bb111513d67eb9d50152acef9797cab0d55fb222dcfa05f7f1f56b0ea.png


In order to have a better approximation of the medium- to long-term outlook, let's see a final graph with indicators, to visualize with technical criteria where MKR could go in the coming months.



In this opportunity, we visualized the 1D chart for the MKR \ DAI pair in the HITBTC exchange with the indicators Bollinger Bands, Awesome Oscillator and RSI.

190903265-345e49b89ae1fba3439bb28b59ce62152ecb47e61d13f6c3cab73e1802897acc.png


Bands of Bollinger is bullish, with a red candle at the time of writing decisive to break the upper band, ideal time of entry. On the other hand, the cloud between bands has remained constant in its amplitude, which indicates the stability and low volatility of the cryptocurrency.



The Relative Strength Index (RSI) is totally bullish, due to the strong purchasing pressure on the asset in the medium-long term, as indicated by a possible cross over to the overbought area as the graph increases its slope.


Finally, the AO indicator shows quite a lot of green histograms and in a positive sense for MKR, pointing to the strong bullish moment the cryptocurrency is experiencing for the next few weeks.


As we can see, the outlook is encouraging for medium-long term MKR, so a long strategy would be the first option in a portfolio for this asset to that investment horizon. However, remember, the world of cryptocurrencies is highly volatile and factors outside the DAO market can even affect its performance, be cautious.



Future of MAKER-DAI.



The Makercoin cryptocurrency is a token of "governance" integrated in the blockchain of Ethereum that controls and markets Dai, a cryptocurrency that works simply as a payment method (also integrated in Ethereum).



Both are born with the objective of offering a less volatile cryptocurrency and referenced to the USD that is able to withstand market fluctuations with sufficient security guarantees.



Talking about Makercoin without referring to Dai makes no sense because of the interrelation between both currencies. The Maker platform project integrates the two currencies with the ultimate goal of achieving equality: 1 US dollar = 1 Dai (it also uses interest rates to stabilize its price).



Despite its short life span, Makercoin has managed to maintain an upward trend, especially noticeable in December 2017, when it reached a market capitalization of over 600 million dollars.



The increase in the price of the MKR value is related to the confidence generated by the Dai cryptocurrency. It can also be based on the generalized fall in the market that makes investor funds derive to reliable projects with a significant base of followers.



Its addition to Coinbase's portfolio in May of this year allowed a gigantic leap in interest and followers of the project, due to the originality of its system that allows its own and strangers of the crypto ecosystem to invest without worrying about the high volatility of the market.



The future of the Maker is irremediably linked to the evolution and future of Dai. Currently, the upward trend and growing confidence of investors and users in Dai suggests that Maker's price will continue to grow.



However, we must not forget that we are faced with tokens integrated into the Ethereum network. In this way, the future of the Maker platform as a whole will not only depend on its own evolution but also on the future of Ethereum in the markets.

 

 


daniejjimenez
daniejjimenez

Evangelist Blockchain Technology


Breaking: Bitfinex token IEO $1B USDT
Breaking: Bitfinex token IEO $1B USDT

ZHAO Dong, a stakeholder of Bitfinex (minority shareholder), allegedly revealed that Bitfinex will launch a token through an IEO (Initial Exchange Offering in English), and some leviathans have already subscribed to a value of $ 300 million

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.