MKR Price Analysis July 2022

MKR is a token of platform Maker. Its current price is around $1002 by the time of writing, with a low of $663, and it has a market cap of 979 million dollars.

What is Maker?

The Maker token is a Utility, Governance, and Recapitalization resource of the Maker system. In addition, the Maker system has its purpose of generating another Ethereum stablecoin, called Dai. It offers freedom from volatility due to its inherent nature.

Maker is an Ethereum-based, decentralized organization that aims to connect people willing to lend and borrow cryptocurrency with each other. The network combines advanced smart contracts with a pegged token, called the stablecoin DAI, to create a system where users can maintain solvency while creating new loans.

What is MKR?

MKR is the token of the Maker platform, which is around $1002 by the time of writing, with a low of $663. It reached a high of $4006, and its current ranking is #47 according to CoinMarketCap, with a market cap of 979 million dollars. MKR is a native token of Maker, a DeFi lending platform that uses Ethereum and allows MKR holders to convert their ETH tokens into the Maker Dai stablecoin.

MKR Coin Market Analysis 

MKR has a total supply of 977,631 coins worth around $1002 with a market volume of 130 million dollars, whereas the market capitalization is 979 million dollars at writing. 

MKR Price Prediction

Maker is a heavily invested project with a bright future. However, investing in it also requires some due diligence, so make sure you do your research and ponder your decision before you jump in. 

On the 1D timeframe, the price action of $MKR/USDT has broken the resistance trendline and worked above the horizontal support zone.

Mkr Price Chart July 2022
MKR Price Chart July 2022

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Closing Thoughts

Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we just discussed about might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.

Disclaimer: Our analysis is for educational purposes.

Pratyaksh
Pratyaksh

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