Maker’s Price Rally Gains Momentum as Active Addresses Hit a 10-Week Peak

Crypto News- Maker (MKR) has been on a remarkable run in the cryptocurrency and DeFi sectors lately. Over the past month, MKR’s price has surged by 46%, including a 26% gain in just two weeks, a 10% increase in a single week, and a 5.5% rise in the last 24 hours.

Maker’s Price Rally Gains Momentum as Active Addresses Hit a 10-Week Peak

What sets Maker apart is its growing trading volume, which reached an impressive $126 million in a single day, effectively addressing liquidity and volatility concerns.

From a technical perspective, Maker’s short-term outlook is quite robust, potentially propelling it beyond the crucial $1,500 support/resistance level. Currently priced at $1,495, if the interest in MKR continues, it could make its way to $2,000.

Since June, Maker has been on a bullish trajectory, successfully breaking through key resistance levels at $750, $950, and $1,250. The fact that it’s trading above important moving averages, including the 50-day Exponential Moving Average (EMA), the 100-day EMA, and the 200-day EMA, instills confidence in investors. Furthermore, the Moving Average Convergence Divergence (MACD) indicator is favoring buyers, encouraging the holding of long positions and advising against hastily cashing out profits. The rising demand for MKR is expected to overcome resistance at $1,500 and potentially propel it to $2,000.

On the fundamental side, Maker’s network is showing signs of improvement, with active addresses reaching a 10-week high, reflecting growing investor confidence.

However, a word of caution is warranted: any sudden shift of MKR from self-custody platforms to exchanges could introduce selling pressure, possibly indicating a temporary peak in its price.

MakerDAO’s commitment to tokenizing real-world assets (RWAs) is a significant positive for the Web3 industry. Their portfolio has surpassed $3.1 billion, underscoring increasing demand and hinting at a potential correlation between RWAs and real value.

In summary, Maker (MKR) has demonstrated impressive performance in both its price movement and involvement in DeFi. While there are several positive indicators and growing investor confidence, it’s essential to keep an eye on potential market factors, such as the movement of MKR to exchanges.