Maker (MKR) Plunges as Bears Take Control While Wall Street Memes Continue the Uptrend
MakerDAO's Maker (MKR) has witnessed a trend reversal as the bulls failed to sustain the previous uptrend. MKR's price has nosedived from the July 27 peak value of $1,229 and now changes hands at $1,165.
MKR trades with a price decline after surging over 10% on July 27. Maker's bearish momentum plants doubts amongst investors as many wonder what lies ahead for the token.
MKR Drops 5% Following Maker Governance Approval for Spark Protocol's D3M AdjustmentsMaker soared alongside the broader cryptocurrency market with news of Ripple's iconic win against the US Securities and Exchanges Commission. But the rally was short-lived as MKR slipped back to a downtrend.
However, the token recovered momentum after the maker ecosystem's development team, Phoenix Labs, proposed an adjustment for Spark Protocol's DAI Direct Deposit Module (D3M).
The adjustment is expected to raise the DAI debt ceiling to 200 million DAI while reducing Maker Market's Loan-to-Value (LTV) rate to 0.01%.
The governance vote to approve or reject the proposal started on July 24 and ended on July 27. Being the governance and utility token for MakerDAO and Maker Protocol, MKR tokens give the community voting power to participate in the poll.
As an improvement, this development garnered massive attention from investors and boosted Maker's price in the last seven days. Between July 24 and 26, when the voting momentum was still high, MKR soared over 23%.
However, the bullish momentum dwindled a bit on July 27, the deadline for the governance approval poll.
Although Maker's price increased yesterday, the rally was short-lived as the token receded into a downturn in the later hours and has continued bearishly today. Maker's price has declined 5.3% in the last 24 hours.
Maker's recent bearish momentum has snatched most of its seven-day gains, as it now holds only a 2.4% increase on the weekly chart. However, the past 30-day's gains remain intact, with Maker recording over 71% 1-month gain.
Maker Market Outlook Today; Is Now the Right Time to Buy?
Source: Tradingview.comFrom the chart above, Maker is trading above its 50 and 200-day simple moving averages (SMA), a bullish long and short-term signal.
The moving average convergence/divergences MACD is above the signal line, showing that Maker is still in an uptrend. However, the histogram bars have faded, depicting a weakening momentum as the bulls relent.
Also, Maker's relative strength index (RSI), at 69.57, is moving sideways, pulling away from the overbought zone, a sign that the bears have reached a saturation point and are giving up control to the bears (sellers). The Maker might face more bearish retracement in the next few hours if the buying pressure fails to increase.
Maker (MKR) Key Price Levels
Source: Tradingview.comFrom the chart above, MKR has three key support levels: $630.90, $712.99, and $827.79. The token is trading above these key price levels. However, a strong resistance can be seen at the $1,194.68 price.
A break above the $1,194 resistance could facilitate more rallies for Maker. Otherwise, Maker could return to the $827.79 support should the Bears prevail.
Factors That Could Influence MKR Price in the Coming MonthsAccording to a July 24 tweet, Maker Governance has approved the Spark Protocol's D3M adjustments, with over 92,000 MKR favoring the proposal.
Maker Governance approved Spark Protocol's latest D3M Adjustments.
With over 92K MKR in favor, the approval supports the raising of the Maximum Debt Ceiling from 20 million DAI to 200 million DAI. pic.twitter.com/S58O8R0Z7s
- Maker (@MakerDAO) July 27, 2023
The approval supports raising Maker's debt ceiling from 20 million DAI to 200 million while reducing the LTV rate to 0.01%. It will also adjust other risk parameters within the Maker Protocol.
These adjustments, when implemented, can increase Maker Protocol's adoption, boost Maker's TVL, and ultimately propel its price higher.
Another factor that might influence Maker's price in the coming months is the inflation rate. Inflation tends to depress investor sentiment as it causes central banks to hike interest rates, causing businesses and consumers to cut back on spending and recede from investing.
If this happens, the overall crypto market sentiments will turn bearish, rubbing off on MKR. However, the opposite may occur if inflation reduces.
One case study is the ongoing interest rate hike by the US Federal Reserve Bank to curb inflation. The US Fed, under Jerome Powell's leadership, on July 26 announced plans to hike interest rates to 5.25-5.5%, the highest level in more than 22 years.
This rate hike, when implemented, could escalate the ongoing crypto bear market, further depressing coin prices, including Maker's value.
Expert Maker (MKR) Price Predictions: How Far Can MKR Rise in the Coming Months?Here is what the experts say about Maker's price trajectory in the next few years.Coincodex, a crypto price tracking, and prediction site, is 67% bullish on Maker. While it predicted a 1.55% price decline to $1,147.59 for Maker by August 1, its long-term MKR forecast was bullish.
According to Coincodex, MKR could rally 183.26%, reaching a high of $3279.29 by 2025. Also, its prediction suggests that Maker's price could increase by over 423$ by 2030 and reach a high of $6,062.86.
Another expert analytics site, PricePrediction, says Maker would trade at a minimum value of $1,213.72 and a maximum of $1,428.29 in 2023. It predicts that MKR will reach a high of $2,136.75 and a low of $1,815.61 in 2024.
Price prediction says Maker will trade at a high of $19,176.62 and a low of $16,067 by 2030. It also forecasts that Maker would trade at a high of $6,699 and a low of $5,505 in 2027.
Wall Street Memes ($WSM) Emerges as a Compelling MKR Alternative; Too Late to Buy?Maker is over 5,399% higher than its all-time high of $21.06, recorded in January 2017, meaning its early investors have become millionaires. However, its price movement has stalled, allowing newer tokens like Wall Street Memes to be spotlighted.
While Maker has a high potential to soar higher, Wall Street Meme shows an even more promising future. The project has proven that even an ordinary internet meme can generate millions.
What is Wall Street Memes?Wall Street Memes is meme-themed crypto that advocates anti-capitalism in the web3 ecosystem. Through its humorous anti-capitalist campaign, Wall Street Memes unites small investors against traditional Wall Street Players.
Its mission is to promote financial inclusion through a decentralized movement that empowers small crypto investors to challenge established financial players. Its novel but enticing motto has attracted the attention of investors, which is reflected in the over $18 million raised within a few weeks of running its presale.
The Wall Street Memes (WSM) token's popularity soared as investors sought to join its movement to generate millions by investing in useless tokens. Wall Street Memes will leverage the virality of meme coins and the popularity of distinct characters within the financial and crypto markets to scale their price.
Wall Street Memes FeaturesThe Wall Street Memes project plans to build its community on these features.
Community-Driven: As a meme coin, WSM allows its community members to express their opinions, shaping its future based on constructive ideas and active collaborations. It gives investors a sense of community, fostering a collaborative environment where members contribute to the project's growth.
Meme Coin Culture
WSM tokens thrive on community-generated buzz, humour, meme-driven trends, and internet culture. It fosters connectivity through meme hypes and virality, creating an exciting, interactive atmosphere for community members.
Anti-Capitalist Narrative
The Wall Street Memes' anti-capitalism campaign makes it unique among other meme projects.WSM draws inspiration from Gordon Gekko, who got rich in the 80s through useless stocks, confirming that even ordinary people can succeed.
The WSM is driven by a movement to conquer the prevailing influence of Wall Street capitalists, paving the way for a financially inclusive ecosystem. WSM will empower marginalized investors by granting them a voice in crypto, promoting an equitable investment landscape.
Wall Street Meme PresaleThe WSM presale is ongoing and ends in a few days, as the project is only a step away from achieving its target of $19.95 million. On July 27, Wall Street Memes trades at $0.0325 and will increase to $0.0328 in the next presale stage.
Prospective investors should hurry now and buy $WSM tokens before it sells out. To buy, log on to the Wall Street Meme website, click the buy now button, connect your crypto wallet and exchange your ETH or USDT for WSM tokens. You can also pay with your bank card.
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