Maker (MKR) Price Surge

Maker (MKR) price rallied over 44% in the past week. The DeFi token holds steady amid profit-taking by large wallet investors, supported by on-chain and technical indicators.

Table of Contents

• Maker derivatives and on-chain analysis
• Maker (MKR) weekly price forecast
• MKR holds steady amidst DAO drama
• Maker tokens worth $17 million burnt, supporting gains

Maker Derivatives and On-chain Analysis

Sky Protocol (formerly Maker) MKR token gained 44% in value, with positive derivatives data supporting a bullish outlook. Open Interest (OI) for MKR saw a significant increase, reaching $116.85 million. The total value of assets locked in MKR surged to $5.675 billion, coinciding with rising demand among traders.

Despite some traders realizing losses since mid-January, there’s an increasing interest indicating potential price recovery. Notably, 30% of MKR wallet addresses are currently at unrealized losses, whereas 65.55% show unrealized gains.

Maker (MKR) Weekly Price Forecast

Since breaking its downward trend on February 12, MKR continues to see price gains, trading at $1,473. Key resistance levels are identified at $1,632 and $2,050, while support stands at $1,125. Technical indicators, MACD and RSI, reflect bullish trends, suggesting more potential gains despite profit-taking by whales.

MKR Holds Steady Amidst DAO Drama

The Maker DAO is currently facing governance concerns, with a fast-tracked proposal to increase lending limits against MKR causing controversy. Community debates center around due process and potential impacts on token holders. Despite this, MKR maintains its upward momentum.

Maker Tokens Worth $17 Million Burnt

A recent token burn of 14,000 MKR worth around $16.9 million has also contributed to reducing selling pressure and supporting price growth. As of now, MKR is trading at $1,432.

> Disclosure: This article does not constitute investment advice. The contents are for educational purposes only.