Maker's 0.43% Rise to $1,161.08: Key Insights for July 28, 2023
Maker's MKR token increased 0.43% over the past 24 hours to $1,161.08. With a market capitalization of $1.20 billion, Maker is among the top 50 cryptocurrencies. In this report, we analyze Maker's latest metrics and trends.
Maker saw $112.33 million in 24-hour trading volume indicating strong interest. Over the past hour though, MKR dropped 6.60% which could be a short-term pullback within its uptrend.
Zooming out, MKR price has surged 12.17% over the past week, showcasing robust momentum. The 1-month and 6-month returns are even more impressive at +68.27% and +72.75% respectively.
This highlights MKR's standout performance driven by its role in decentralized finance and focus on stability.
My Prediction
Based on this analysis, I expect MKR to consolidate between $1,100 and $1,300 short-term after its powerful run higher. Strong support exists around $1,100 while resistance is at $1,300.
Breaking above $1,300 could see MKR retest its all-time high around $6,300 from 2018. New highs are within reach in the coming months.
Should You Buy MKR in July 2023?
As the governance token of MakerDAO and DAI stablecoin, MKR offers exposure to the largest decentralized finance protocol. With crypto adoption rising, MKR appears attractive for long-term investors.
However, short-term traders may want to wait for a pullback after its recent surge before building positions. Overall, MKR remains a leading DeFi token to watch.
Is MKR a Good Investment Compared to ETH?
While Ethereum is the underlying blockchain, MKR specifically provides exposure to DeFi governance and growth. Owning both ETH and MKR can balance foundational tech with DeFi protocol value capture.
However, Ethereum sees higher adoption and activity currently. Investing in ETH and MKR allows benefiting from their symbiotic upside potential in DeFi.
In summary, MKR continues showcasing impressive technical strength with more upside likely. However, prudent risk management is still key for short-term traders.
