In this Maker (MKR) price prediction 2023, 2024-2030, we will analyze the price patterns of MKR by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Maker (MKR) Current Market Status
What is Maker (MKR)
Maker (MKR) is the governance token of the Maker protocol built on the Ethereum blockchain. MKR was created by makerDAO, conceived in 2015 and fully launched in December 2017. Maker protocol and MakerDAO manage and provide the smart contracts ecosystem for one of the largest stablecoins, DAI.
Maker ecosystem, thus, comprises two tokens, Maker (MKR) and a decentralized stablecoin, DAI. Maker Protocol is an open-source project that is recognized as one of the largest dApps existing on the Ethereum blockchain.
Maker 24H Technicals
(Source: TradingView)
Maker (MKR) Price Prediction 2023
Maker (MKR) ranks 32nd on CoinMarketCap in terms of its market capitalization. The overview of the Maker price prediction for 2023 is explained below with a daily time frame.
MKR/USDT Descending Channel Pattern (Source: TradingView)
In the above chart, Maker (MKR) laid out a descending channel pattern. Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices. but only after an upside penetration of the upper trend line. A descending channel is drawn by connecting the lower highs and lower lows of a security’s price with parallel trendlines to show a downward trend.
Within a descending channel, a trader could make a selling bet when the security price reaches its resistance trendline. An ascending channel is the opposite of a descending channel. Both ascending and descending channels are primary channels followed by technical analysts.
At the time of analysis, the price of Maker (MKR) was recorded at $1,456.10. If the pattern trend continues, then the price of MKR might reach the resistance levels of $1459, and $1598. If the trend reverses, then the price of MKR may fall to the support of $1368, and $1257.
Maker (MKR) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Maker (MKR) in 2023.
MKR/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as the resistance and support levels of Maker (MKR) for 2023.
MKR Resistance & Support Levels
Maker (MKR) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Maker (MKR) are shown in the chart below.
MKR/USDT RVOL, MA, RSI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the current Maker (MKR) market in 2023.
Maker (MKR) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Maker (MKR) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
MKR/USDT ADX, RVI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the price momentum of Maker (MKR).
Comparison of MKR with BTC, ETH
Let us now compare the price movements of Maker (MKR) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs MKR Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of MKR is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of MKR also increases or decreases respectively.
Maker (MKR) Price Prediction 2024, 2025 – 2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Maker (MKR) between 2024, 2025, 2026, 2027, 2028, 2029 and 2030.
Conclusion
If Maker (MKR) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Maker (MKR) price prediction for 2023 is $2299. Comparatively, the bearish Maker (MKR) price prediction for 2023 is $741.
If there is a positive elevation in the market momentum and investors’ sentiment, then Maker (MKR) might hit $3000. Furthermore, with future upgrades and advancements in the Maker ecosystem, MKR might surpass its current all-time high (ATH) of $6,339.02 and mark its new ATH.
This content was originally published by our partners at The News Crypto.