The post Maker’s +11% uptick – Is a rally to $1850 next for MKR? appeared on BitcoinEthereumNews.com.

MKR has surged by 11.52% over the past week Analyst predicted MKR might be set for a rally, in light of a key buy signal Over the past week, the cryptocurrency market has seen significant recovery on the charts. Although Maker [MKR] has been lagging behind, its gains over the past few days have outweighed weekly losses. In fact, at the time of writing, MKR was trading at $1683. This marked a 11.52% hike over the past week. Prior to this, Maker had been on a downward trajectory, declining by 6.68% on monthly charts. Despite the recent upsurge, however, Maker’s prices remained significantly below its recent high of $3,125 recorded in July. Additionally, it’s still down by approximately 72.2% from its ATH of $6,391. Therefore, recent market conditions have left analysts talking about the factors driving its latest surge. One such analyst is Ali Martinez, with the analyst claiming that MKR’s performance in the RWA sector is key to its surge. In doing so, he cited the TD sequential Indicator as a sign of further gains. Maker’s performance in the RWA sector According to Martinez, Maker is one of the leading players in the RWA sector. MakerDao has expanded its exposure to RWA since mid-2023. As of 2023, the total value of RWAs backed by DAI was over $2 billion. This highlighted the commitment to integrate these assets into DeFi. Additionally, in September 2024, MakerDao revealed plans to invest an additional $1 billion of its reserves in tokenized U.S Treasuries, thus further strengthening its involvement in the RWA space. Also, MakerDao has aimed to introduce RWAs as collateral to enhance the stability of DAI. Such initiatives have seen DAI’s market value grow to $5.3 billion, with its daily trading volume hitting $86.8 million. These developments in Maker’s ecosystem have left…

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Filed under: News - @ September 29, 2024 4:02 am