Maker token has shown a constant upward movement and surged over 12% in a weekly time frame. At the time of publication, the MKR token was fairly trading above 20, 50,100, and 200-day exponential moving averages.
A major boost in MKR token trading price was seen on the August 31 trading session which indicates some whale activities. As per the market analyst, the trading volume suggests that some giant investors might have invested a significant amount of capital to hold the MKR price above 20-day EMA.
In the 52-week time frame, the Maker token’s highest trading price was $1366.54, and its lowest traded at $501.58. In August, the MakerDao token traded in the range of $1142.78 to $1178.41.
Maker (MKR) is the governance token of the MakerDAO and Maker Protocol, a decentralized organization and a software platform, respectively. Both are based on the Ethereum blockchain that allows users to issue and manage the DAI stablecoin.
What is Behind the Surging Price of MKR Token?
As per relevant reports, the major reason behind the MKR token’s surging price is the announcement made by the MakerDAO community on August 28 to introduce SubDAOs in South Korea. It is believed that the major aim behind the recent changes is to unlock the full potential of Decentralized Autonomous Organizations.
The official announcement document highlights that the introduction of SubDAOs might streamline, innovate, and strengthen the MakerDAO ecosystem.
However, with the recent announcements and the excitement surrounding the protocol’s new phase and increased liquidity entering its ecosystem, MKR has surged by an impressive 15.94% within 24 hours.
Will Maker Token Continue to Surge?
It is believed that if buyer pressure remains constant then MKR token might continue to surge. If buyers fail to continue their dominance then possibilities are that the MakerDAO token might slip in the coming weeks.
If buying and whale movements continue then the MKR token is expected to face immediate resistance of $1220.93 and possibly the next resistance of $1268.
In case of seller dominance MKR token might slip and face immediate support of $1136 and following support of $1105.50. In terms of weekly time frame, Maker token bypassed Bitcoin and some other coins and reflected a positivity of 15.82%.
Major Support: $1136 and $1105.50
Major Resistance: $1220.93 and $1268.
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.