Maker is the first ether-based intelligent contract system to launch an automated cryptocurrency lending platform.
Maker offers the first decentralized stable base currency Dai (which can be compared and analyzed as US dollars on Ethereum) and a derivative financial system that promotes the prosperity of decentralized finance (DeFi).
Dai is issued through a full digital asset mortgage guarantee. Since its introduction in 2017, Dai has always been anchored in a 1: 1 ratio to the US dollar.
On April 19, members of the MakerDAO community began voting on MIP45, a proposal to improve and maintain the Maker Protocol’s liquidation system the stability of Dai pegged to the US dollar.
If approved, the Liquidation System 2.0 will provide greater security, predictability and security decentralizationand offer community members more opportunities to participate in collateral auctions through Auction Keeper software and a more conventional user interface. This will encourage participation from the maker community and the entire DeFi department.
According to DeFi Pulse, Maker, the largest DeFi agreement with system collateral of $ 965 million, dominates 16.44% of the total DeFi market.
The project’s Maker (MKR) token holders received a price increase bonus of 64.23% last week. According to CoinMarketCap, Maker is the 30th largest cryptocurrency with a market cap of $ 4,817,105,553.
The token has increased nearly eightfold since the beginning of this year, rising from $ 587 to $ 4,652. It hit a record high of $ 4,995 today. Break the $ 4,500 mark in one fell swoop.
Maker (MKR) price analysis
Source: MKR/USD 4-hour via TradingView
Judging by the 4-hour candlestick chart, MKR has successfully broken its previous high of $ 4,118 fast growing The trading volume has caused USD 4,118 to flip from resistance to support levels.
The MKR / USD transaction price is higher than the EMA (Exponential Moving Average) band. Both the upward moving average and the bullish MACD index indicate that the bulls are currently dominating the market.
However, the Relative Strength Index entering the overbought zone is gradually declining, suggesting that MKR is facing relatively strong selling pressure after hitting its all-time high of $ 4,995 today. The price of the MKR will therefore experience a slight retracement and it is likely that it will trade sideways for a period of $ 4,400 to $ 4,600 before resuming its upward momentum.
If the price of MKR can stabilize above $ 4,200, Maker’s uptrend can open up a faster upward channel. When Maker hits a new high, it means the Altcoin will not face strong selling pressure on the way up. If the entire crypto market emerges from its current slump, it is very likely that Maker will break $ 5,500 in the short term.
Conversely, an increase in the number of sell orders will push MKR below the $ 4118 support level and potentially trigger a more severe correction to the 20-day exponential moving average of $ 3,795.
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