Good day steemians, it feels good to participate again in the 4th week of this crypto trading contest and today I will be talking extensively on the MAKER cryptocurrency project. Also I will be placing a trade on the crypto pair MKR/USDT.
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IMAGE DESIGNED ON POSTERMYWALL.COM
MAKER is another solid crypto project making waves in the crypto ecosystem. It is a decentralized blockchain platform based on the Ethereum network which represents an investment into the maker project. Maker is controlled by DAO which is a 'Decentralized Autonomous Organization' that allows users within the network to lend and borrow cryptocurrency without credit checks. Maker has risen to become one of the most popular Ethereum (ERC-20) based platform presently in the crypto ecosystem. Reports has it that there are over 2.1 million ETH locked presently in the maker CDP contracts.
MAKER functions as a core and integral part of the DeFi community and seeks to address and rectify several issues being faced in the traditional financial sector through the use of DeFi technologies. Another fascinating fact about MAKER is that the platform allows its holders to participate in the governance of the ecosystem hence creating an atmosphere for community governance which will provide users with control over the network.
The native token of this project is MKR. MKR token serves a lot of purposes in the maker network, it can be used to send value around the world, holders of MKR can use it to pay transaction fees on the MAKER system and also MKR token can be received and sent on an ERC-20 account or any smart contract that has been configured to make use of the MKR transfer function. Now let's look at the market statistics of this coin.
Looking at the image above, we can see that MKR token is currently worth $2,137 on the coin market and it's currently ranked number 57 with a market cap of $2,089,308,545. It also has a daily trading volume of $91,012,162 and a circulating supply of 977,631,04 MKR.
However, it is important to note that Rune Christensen who is a Danish entrepreneur formed the MakerDAO in 2015.
I'm quite optimistic about this crypto project because it plays a vital role in the crypto market. However, Maker has proven to be ahead of the curve by the virtue of being the first tradeable Ethereum token. This network has gain more popularity and experienced massive growth within the last couple of years and the fact that the price of MKR has seen new All-Time High recently is a big plus to its growth. One thing is certain, this growth will continue as long as the DeFi continue to expand and more investors come to realise the importance of this utility token.
HOW LONG CAN THE PRICE OF MKR TOKEN RISE ?
When we look at the image above, we can see that the price of MKR is sitting on a strong support and we expect the price to go uptrend. Crypto analysts have projected the price of MKR to touch $2,890.59 before the end of 2022 and by 2023, the price of MKR is projected to rise further to $3,271 and in 4 years time which is 2026, we expect the price to touch $4,243 by Dec,2026. The future definitely looks promising for this coin.
In this section, I will be trading on the crypto pair MKR/USDT on my Binance account, however my analysis will be carried out on MT5 trading platform using multiple timeframe analysis.
To begin with I will head over to the 1hr timeframe to analyse the market.
Looking at the chart above, we can see that the price is falling making a downtrend movement and my RSI is at the 'overbought' zone. I will go to the 30mins timeframe to get a clearer view. Also we can see the general trend of the price is uptrend but however price is coming down from a higher high position to form a higher low which makes a SELL ENTRY a possible option here.
As seen on the chart above, on the 30mins timeframe, price formed a double top position which also signals a SELL ENTRY here. Now, I will head over to the 15mins timeframe to place a SELL ENTRY.
As seen above, I placed a SELL ENTRY at the market price of '2205.70' and placed my stop loss and take profit at strategic zones using a risk to reward ratio of 1:2.
The picture above shows the running trade of my Binance account.
Actually, i do not plan to hold this coin for a long time because I only took a short-term trade and I closed my trade after making some profit. But in the long run, I could consider buying some of this coin to keep and HODL.
I can recommend this coin to investors because this coin rectifies so many issues and I will be highlighting some benefits and reasons why everyone should get this coin below.
MKR wants to ensure that DAI is equivalent to the dollar and as a result of this dual crypto nature, it helps to prevent volatility and provides the users within the network security in terms of the project resilience.
MAKER also eliminates central entity and the entire network is trackable using the blockchain hence the platform is transparent.
In addition, this token has gained so much popularity within the crypto ecosystem which is healthy for the sustainance and longevity of the platform.
The token also serve a utility purpose having so many functionalities within the network.
Firstly, I will like to mention some notable exchanges where this coin can be bought, traded or exchange, they are : Binance, Kucoin, Bybit, Huobi Global, Bithumb, Bitfinex, Kraken, Gemini etc. The image below gives more details about this
Let's take a look at the official website of this website.
Also, let's take a look at the blockchain explorer of this platform below.
In this post, I have been able to discuss extensively the MKR crypto project in relation to the project background, founders, market statistics, price projections and recommendations.
I also placed a trade on the crypto pair MKR/USDT using my Binance account, however my analysis were carried out on the MT5 trading platform using multiple timeframes.
Special thanks to the team leader, professor @pelon53 for his support and guidance.