Maker Seen Strong above $3000
Maker (MKR) has experienced a 2.7% decline this week, falling to $2885 amidst negative trends in the broader cryptocurrency market. Bitcoin (BTC) similarly dropped by 3.0% to $62,800 during the same period.
MKR currently faces two key support levels located around the $3000 mark: a horizontal support level and the support of the ascending channel. Maker project developers are also delivering positive fundamental factors. Spark, a Maker SubDAO-built DeFi infrastructure, has injected $100 million in new DAI liquidity through Morpho Blue, Morpho’s lending protocol. This initiative enables users to leverage efficient positions backed by MakerDAO, borrowing Ethena’s stablecoins, USDe and sUSDe. As investors require MKR to obtain DAI stablecoin, the demand for MKR is anticipated to rise.
Considering both technical and fundamental factors, MKR could potentially reach $3500. However, this scenario is contingent upon BTC maintaining a value above $60,000 per coin.
Disclaimer:
The comments, insights, and reviews posted in this section are solely the opinions and perspectives of authors and do not represent the views or endorsements of RHC Investments or its administrators, except if explicitly indicated. RHC Investments provides a platform for users to share their thoughts on financial market news, investing strategies, and related topics. However, we do not guarantee the accuracy, completeness, or reliability of any user-generated content.
Investment Risks and Advice:
Please be aware that all investment decisions involve risks, and the information shared on metadoro.com should not be considered as financial advice. Always conduct thorough research, seek professional advice, and exercise caution when making investment decisions.
Moderation and Monitoring:
While we strive to maintain a respectful and informative environment, we cannot endorse or verify the accuracy of all user-generated content. We reserve the right to moderate, edit, or remove any comments or posts that violate our community guidelines, infringe on intellectual property rights, or contain harmful content.
Content Ownership:
By submitting content to metadoro.com, users grant RHC Investments a non-exclusive, royalty-free license to use, display, and distribute the content. Users are responsible for ensuring they have the necessary rights to share the content they post.
Community Guidelines:
To maintain a positive and respectful community, users are expected to adhere to the community guidelines of Metadoro. Any content that is misleading, offensive, or violates applicable laws and regulations will be subject to moderation or removal.
Changes to Disclaimer:
We reserve the right to update, modify, or amend this disclaimer at any time. Users are encouraged to review this disclaimer periodically to stay informed about any changes.
