The MakerDAO team announced that their first financing proposal has been approved. The MKR token has seen a new high as a result, and the funds raised will be used to create more stability for DAI, the stablecoin pegged to the U.S. dollar.
Market value of altcoins has passed $1 trillion for the first time, and Maker drew the attention of investors. Coinbase’s direct listing is slowly fading, causing investors to return to the crypto market.
The price of Bitcoin has broken through the previous resistance level and stabilized at $63,800, despite the price hype surrounding COIN stocks.
Traders’ attention has also been drawn to the crypto market, which has generated higher returns than mainstream stock markets.
MakerDAO’s governance facilitator and smart contract team passed on April 14 the first entity financing implementation proposal and will implement it on April 16, UTC. This is a smart contract system on Ethereum that provides the first decentralized stable currency using Ethereum U.S. Dollars and derivative financial products. The proposal proposes to add a New Silver Series 2 DROP as a collateral to the Maker agreement.
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The Maker responded immediately to the news. As of April 15, Maker’s price had risen by more than 40%, reaching an all-time high of $4,096.57.
Maker, the 42nd largest cryptocurrency with a market capitalization of $3,676,392,142, has risen by 35.33% in 24 hours and 65.49% in seven days.
It is currently trading at $3,035 at the time of writing, having retraced.
MKR is forming a bull flag shape on the hourly candlestick chart with the 25% gain at the pink flagpole of this pattern. According to the above chart, the price is currently consolidating between $3,600 and the purple flag of this pattern.
This altcoin would probably exceed $4,500 based on the increase of the upswing flagpole.
It will, however, suffer a strong sell-off at its all-time high of $4,096.57 because the long upper shadow line indicates large upward pressure.
MKR/USDT’s transaction price is higher than the Exponential Moving Average (EMA) ribbon.
According to the upward floating moving average and the bearish MACD, the bears currently dominate the market.
MKR is encountering strong selling pressure after touching its all-time high, as the Relative Strength Index is stepping out of the overbought zone to form a bearish signal. MKR’s price is likely to experience a slight retracement, and it is likely to trade sideways around $3,400 for a period of time before resuming its upward momentum.
A price stabilization above $3,000 may lead Maker to open a faster upward channel. With Maker hitting a new high, the altcoin will not have to contend with much selling pressure. A short-term break through $4097.57 is likely.
MKR may also experience a more severe correction if the number of sell orders surges below $3000 and triggers a fall to the 20-day moving average of $2560.
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