MakerDao price spikes by 7%

MakerDao price spikes by 7% in the past 24 hours.

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Yesterday Grayscale announced that they are launching a Makerdao trust and this will allow investors to access the on-chain credit protocol and RWA’s that MakerDao ecosystem offers.
However, this isn't the only reason why MakerDao price is rising, the price is rising due to the broader market bullish outlook and there is also an increase in short term address holders which has increased the buying pressure that is leading to the price increase of MakerDao.

Grayscale post on Makerdao on X.png

Grayscale announced their creation of MakerDao trust on X yesterday.

MarsNext post on MakerDao.png

MarNext post some few minutes ago about Grayscale creation of MakerDao trust which expands Grayscales product lineup.

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MakerDao price on the 4 hour timeframe is not bullish yet since the price has not broken above the cloud and since price is inside the cloud. MakerDao price is considered as ranging since it's still inside the cloud.

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The price on the 1 day timeframe is bearish since price is below the cloud and the cloud indicators are all bearish.

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On the 1 week timeframe price of MakerDao is bearish since the conversion line is above the base line and the lagging span has crossed the price downwards.

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On the 1 month timeframe price of MakerDao is bullish because the conversion line is above the base line and the lagging span has not crossed the price to the downside.