Maker Price Analysis – 4th March 2021

The Maker (MKR) market cap currently stands at US$1.85 billion with US$35.7 million in trade volume over the past 24 hours. MKR is ranked 46th on the Brave New Coin market cap table. The MKR price is down 5% in the last 24 hours, and up 40% in the last month.

About Maker

Maker is a smart contract platform running on Ethereum that backs and stabilizes the value of the DAI stablecoin cryptocurrency. The Maker platform keeps the DAI cryptocurrency pegged 1:1 with the USD through a dynamic system of Collateralized Debt Positions, autonomous feedback mechanisms, and appropriately incentivized external actors. The Maker token (MKR) is an Ethereum ERC-20 token and has a fluctuating price when compared to DAI.

Technical Analysis

Roadmaps for future market movements can be found on high timeframes using Exponential Moving Averages, Volume Profile Visible Range, Pivot Points, Ichimoku Cloud, and divergences. Further background information on the technical analysis discussed below can be found here.

Watch full MKR Coin Technical Analysis on YouTube

On the MKR/USD daily chart, the 50-day and 200-day Exponential Moving Averages (EMAs) have been bullishly crossed since mid-2020. Both the 50-day EMA, at US$1,950, and 200-day EMA, at $1,161, should now act as support. Very little volume support (horizontal bars) exists until the US$750 zone, additional volume support sits in the US$500 zone.

Turning to the Ichimoku Cloud, four metrics are used to indicate if a trend exists; the current price in relation to the Cloud, the color of the Cloud (red for bearish, green for bullish), the Tenkan (T) and Kijun (K) cross, and the Lagging Span. The best entry always occurs when most of the signals flip from bearish to bullish, or vice versa.

Daily Cloud metrics, with doubled settings (20/60/120/30) for more accurate signals, are currently bullish; the spot price is above the Cloud, the Cloud is bullish, the TK cross is bullish, and the Lagging Span is above Cloud and above price. The trend will remain bullish as long as the spot price is above the Cloud. Kijun support currently sits at US$1,842.

Both the MKR/BTC and MKR/ETH pairs are sitting above the 200-day EMA for the first time since Q3 2020. Both pairs also sit below or within extreme volume resistance, suggestive of continued range-bound trading in the near-term. The MKR/BTC pair may see further bullish continuation after a break above the 0.07 BTC resistance. The MKR/ETH pair is unlikely to see bullish continuation until a break of 1.70 ETH.