Maker (COINBASE: MKR) Coin Price Analysis and Prediction

• MKR (Maker Coin) is a decentralized autonomous organization and a software platform that helps users in issuing and managing DAI stablecoins.
• Maker was founded in 2014. It received $27 Million in venture capital funding 2017-18.
• In September 2018, Andreessen Horowitz disclosed that it had made a $15 Million investment in MKR.

The coin was up by 4953.30 times overall and that’s pretty excellent for any crypto asset. During high volatility also the coin performed really well.

The MKR governance token is in a slideway position, which is not a good sign. The numbers are showing something else.

In the yearly time frame, the coin was up by 46.72% which indicates that the investors made good returns.

Technical Analysis of MKR Coin (Yearly)

The coin is not performing well in the yearly time frame analysis. The investment should be made with proper knowledge of cryptocurrency. The cryptocurrencies are highly volatile and the price variation changes at a high rate. 

Technical Analysis of the MKR Coin (Monthly)

The coin drastically fell in 2022 because Bitcoin and other major cryptos crashed during the same time frame. That affected all other cryptocurrencies. 

The coin is slowly moving in the upward direction by taking support from the trend line. This crypto asset may again take support in the future and continue its takeoff journey. 

Technical Analysis of the MKR Coin (Weekly)

The MKR token is up by 6.19% in the last 7 days. All in all, this coin is up by 4944.27%. It is in the recovery phase and the chances of breakout are high. The coin is up for a good run in 2023. 

Technical Analysis of the MKR Coin (Daily)

The coin may take support in the daily time frame from the support level. The coin in day-to-day sessions is moving up slowly.

Cryptocurrencies are unpredictable as compared to stocks. The stocks are under the regulation of the Govt. 

Cryptocurrencies have no control of the Government and no regulations are there to regulate the crypto market. 

“More the risk, the more returns”.

Summary

Through the technical analysis, we can conclude that the MKR coin is not performing well. If compared with the token’s past performance, it was doing well.

In the past, it went above $2333 and now it is around $1117 which is not a good sign. The investors have also lost their money as it drastically fell in 2022.

The 2022 year was known as the bloodbath year for cryptocurrencies. Many great investors suggested not to invest in cryptocurrencies.

The coin was in an uptrend before 2021 and was at a good pace but the 2022 year is known as Bloodbath year for all cryptocurrencies.

There were many reasons for the fall but now cryptocurrencies are slowly recovering from the downfall.

Technical Levels

• Resistance Level: $1166

• Support Level: $503

Disclaimer

The analysis is done for providing information through technical analysis and no investment suggestions are given in the article to be made by investors.

The coins are unpredictable so investors should have proper knowledge.

Cryptocurrencies are highly volatile and risky. Investment should be made with proper technical analysis.