Cryptocurrency

Maker Price Prediction 2021 – Will MKR Hit $4040 Soon?

Maker Price Prediction 2021 – Will MKR Hit $4040 Soon?

Maker is a decentralized autonomous organization that uses the Ethereum blockchain to create and manage its own cryptocurrency. The company has been around since 2014, but it wasn’t until recently that it became a household name. In this article, we will take a look at how the price of MKR has fared over the past few months and what factors could potentially lead to an increase in value in 2021.

The mkr price is the predicted price for Maker in 2021. It will hit $4040 soon according to some predictions.

  • The price range for a bullish MKR forecast is $2610 to $4035.
  • The price of an MKR may soon exceed $4040.
  • For the year 2021, the pessimistic market price forecast for MKR is $1735.

We utilize data, price trends, RSI, and other information about MKR to evaluate the cryptocurrency’s future movement in Maker price forecast 2021.

Maker (MKR) is the MakerDAO and Maker Protocol’s governance token. Maker DAO is a decentralized organization, and Maker Protocol is a software platform built on the Ethereum blockchain. Maker ecosystem is one of the first decentralized financial initiatives (DeFi). MKR tokens serve as a voting share for the DAI management group.

The MKR price is now trading at $2,428.11 with a 24-hour trading volume of $108,664,161 according to CoinGecko. In addition, MKR has down 0.21 percent in the past 24 hours.

The circulating supply of MKR, on the other hand, is 991,328.38 MKR. MKR is currently traded on Binance, OKEx, FTX, CoinTiger, and Huobi Global, among other cryptocurrency exchanges. 

Price Prediction for Maker (MKR) in 2021

On CoinGecko, Maker (MKR) is now ranked 92nd. The price of MKR in 2021 is forecasted using a daily time period, as shown below.

Maker Price Prediction 2021 – Will MKR Hit $4040 Soon?MKR/USDT Daily Time Frame Price Chart (Source: TradingView)

The Descending Triangle pattern may be seen in the graph above. It’s a bearish pattern made up of a horizontal trend line connecting a series of lower highs and a vertical trend line connecting a series of lows. When an upswing comes to an end, falling triangles may develop as reversal patterns. However, they are almost always continuation patterns.

If the MKR price breaks through the resistance level of $2970 on the daily time frame chart, it will approach the goal of $3970. Otherwise, if the MKR price breaks through the support level, it will fall to $2095. As a result, the MKR’s trend is predicated on the breakout.

Support and Resistance Levels for Maker (MKR)

The chart below depicts MKR’s support and resistance levels.

Maker Price Prediction 2021 – Will MKR Hit $4040 Soon?Support and Resistance Levels for MKR/USDT (Source: TradingView)

The resistance and support levels of MKR are clearly visible in the above daily time frames.

  • $2610 is the first level of resistance.
  • $3080 – Resistance Level 2
  • Level 3 of Resistance: $4035
  • Level 1 Support – $2084
  • $1735 for Level 2 Support
  • $1280 for Level 3 Support

MKR has been on a bullish trend for the last month, according to the charts. If the current trend continues, MKR may catch up with the bulls and break over the $4035 barrier level.

As a result, if investors turn against cryptocurrency, the MKR’s price may fall to almost $1735, indicating a negative indication.

Maker’s Average Directional Index (MKR) (ADX)

Let’s look at MKR’s average directional index (ADX). The Average Direction Index (ADX) is a tool that traders use to assess the strength of a trend rather than its direction. It may be used to see whether the market is shifting or if a new trend is beginning. It contains the ADX line and is linked to the Directional Movement Index (DMI).

The oscillator has a range of 0 to 100. A strong trend is indicated by a high value, whereas a weak trend is shown by a low value. It is often used in conjunction with directional indicators.

The ADX of MKR remains above the range of 7, indicating a weak trend, as seen in the chart above.

Conclusion

The MKR is one of the few cryptos that has managed to hold its ground in a negative market. As a result, we have a positive long-term MKR price forecast for 2021. This year, it has a good chance of surpassing its current all-time high (ATH) of $6,292.31. This will only happen if it overcomes numerous previous psychological barriers.

With the continuous advancements and upgrades inside the MKR ecosystem, the MKR ecosystem may have a bright future in 2021. It may soon hit $4035 and even higher levels, but it is more likely to reach $4040 if investors believe MKR is a solid investment in 2021.

Disclaimer: The views stated in this graph are entirely those of the author. It should not be construed as investment advice. Before investing, TheNewsCrypto staff advises everyone to conduct their own research.

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