Maker Price Prediction 2021 – Will MKR Hit $4040 Soon?

Maker Price Prediction 2021 – Will MKR Hit $4040 Soon?
  • Bullish MKR price prediction ranges from $2610 to $4035.
  • MKR price might also reach $4040 soon.
  • MKR bearish market price prediction for 2021 is $1735.

In Maker price prediction 2021, we use statistics, price patterns, RSI, and much other information about MKR to analyze the future movement of the cryptocurrency.

Maker (MKR) is the governance token of the MakerDAO and Maker Protocol. Maker DAO is a decentralized organization and Maker Protocol is a software platform, both of them are based on the Ethereum blockchain. Maker ecosystem is one of the earliest projects on the decentralized finance (DeFi). MKR tokens act as a kind of voting share for the organization that manages DAI.

According to CoinGecko, the MKR price is trading at $2,428.11 with a 24-hour trading volume of $108,664,161 at the time of writing. Moreover, MKR has decreased by 0.21% in the last 24 hours.

However, MKR has a circulating supply of 991,328.38 MKR. Currently, MKR trades in cryptocurrency exchanges such as Binance, OKEx, FTX, CoinTiger, and Huobi Global. 

Maker (MKR) Price Prediction 2021

Maker (MKR) holds the 92nd position on CoinGecko right now. MKR price prediction 2021 is explained below with a daily time frame.

MKR/USDT Price Chart Daily Time Frame (Source: TradingView)

The above chart shows the Descending Triangle pattern. It is a bearish pattern that is designed by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. There are instances when descending triangles form as reversal patterns at the end of an uptrend. But they are typically continuation patterns

In the daily time frame chart, if the price of the MKR breaks the resistance level of $2970, it will reach the target of $3970. Else, if the price of the MKR breakout the support level it will fall to $2095. So, the trend of the MKR is based on the breakout.

Maker (MKR) Support and Resistance Level

The below chart shows the support and resistance level of MKR.

MKR/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frames, it is clear the following are the resistance and support levels of MKR.

  • Resistance Level 1 – $2610
  • Resistance Level 2- $3080
  • Resistance Level 3- $4035
  • Support Level 1 – $2084
  • Support Level 2 – $1735
  • Support Level 3 – $1280

The charts show that MKR has performed a bullish trend over the past month. If this trend continues, MKR might run along with the bulls overtaking its resistance level at $4035.

Accordingly, if the investors turn against the crypto, the price of the MKR might plummet to almost $1735, a bearish signal.

Maker (MKR) Average Directional Index (ADX)

Now let’s see the average directional index (ADX) of MKR. Generally, the Average Direction Index (ADX) helps traders determine the strength of a trend, rather than its actual direction. It can be used to determine whether the market is changing or a new trend is starting. It is associated with the Directional Movement Index (DMI) and includes the ADX line.

The range of the oscillator is from 0 to 100. A high value indicates a strong trend, and a low value indicates a weak trend. It is often combined with directional indicators.

MKR/USDT ADX(Source: TradingView)

The above chart shows the ADX of MKR stays above the range of 7, so it indicates a weak trend.

Conclusion

The MKR is one of the cryptos that keeps its ground against the bearish market. Hence more, our long-term MKR price prediction for 2021 is bullish. It has a huge possibility of overtaking its current all-time-high (ATH) of $6,292.31 this year. More so, this will only happen if it breaks many past psychological resistances.

Henceforth, with the ongoing developments and upgrades within the MKR ecosystem, it could experience a great future ahead in 2021. It may reach $4035 soon and it might even reach high heights, however reaching $4040, if investors have planned that MKR is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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