MKR Price Analysis September 2022
MKR is a token of platform Maker. Its current price is around $740.35 by the time of writing, with a low of $712.05, and it has a market cap of 723 million dollars.
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What is Maker?
Maker is part of a new cohort of finance called decentralized finance, or DeFi, which refers to various financial tools that use the blockchain to replace traditional intermediaries such as banks. The Maker’s mission is to generate and maintain a stable on-chain digital asset pegged to the dollar’s value. To do so, they employ smart contracts that automate loan issuance and debt-to-security collateralization.
What is MKR?
MKR is the coin of the Maker platform, which is around $740.35 by the time of writing, with a low of $712.05. After that, it reached $745.93, and its current ranking is #59, according to CoinMarketCap, with a market cap of 723 million dollars.
The MKR token is an ERC-20 token that powers the Maker Protocol, a decentralized finance platform that goes by MCD or Multi-Collateral Dai. This ingenious system allows users to leverage assets and generate Dao, a community-managed cryptocurrency with low volatility.
MKR Coin Market Analysis
MKR has a total supply of 977,631 coins worth around $740.35 with a market volume of 33 million dollars, whereas the market capitalization is 723 million dollars at writing. CoinMarketCap reports that the price of MKR has risen by 11.17% in the past 24 hours at the time of writing.
The value of MKR was between $758.67 and $682.02 during this time, as well as up more than 20% over the last week. Although Maker (MKR) is a good investment, it’s very important to do your research and get the facts straight before investing.
MKR Price Prediction
On the 4H timeframe, the price action of $MKR/USDT has broken the ascending channel support trendline. As a result, the price is going downwards. Therefore, we have to wait for further PA.
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Discipline and Patience are the most critical components of a successful trade. According to the above analysis, the coins we discussed 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.