Maker up by 9.14% – Time to Buy MKR?

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  • Investors To Buy MKR as DAO Maker Introduces NFT Launchpad
  • Maker DAO To Become the Leading Multi-investment Platform With V2 Upgrade
  • Nexo To List Maker (MKR)

DAO Maker is a decentralised credit platform on Ethereum that issues Dai stablecoins. Users who buy MKR can participate in on-chain voting decisions as the coin is the platform’s governance token. At press time, MKR has become an outlier in a largely bearish market. The digital asset has nearly posted double-digits as the broader crypto space consolidates.

Traders can open a Vault using Maker while locking in their collateral. The locked asset is used to generate Dai as debt against the collateral. The protocol also grants users the chance to borrow DAI of up to 66% of their collateral value.

DAO Maker Introduces NFT Launchpad

DAO Maker has announced the launch of its own premier NFT Launchpad. The Ethereum-based protocol disclosed that the decision to join the booming sector was based on the sustainable high-demand opportunities that NFTs afford. Maker also asserted their intention to dominate the space as NFTs provide the most notable way to get involved with the metaverse.

Maker DAO To Become the Leading Multi-investment Platform With V2 Upgrade

DAO Maker has announced that it is set to become a multi-investment platform as it
welcomes DAO Maker v2. The platform has introduced scalable products to gain a higher user base and traffic. This development is notable for investors who intend to buy MKR.

Some of the upcoming products attached to the v2 upgrade are the stable coin saving product for ERC20 and Cross-Chain Stablecoin Farming. ERC-20 stablecoin holders can now earn up to 16% on DAI, USDT, USDC, BUSD, Wrapped UST, and FRAX. Users can now enjoy massive collateral with little to no experience by visiting daomaker.com to deposit any ERC20 based stablecoin.

The v2 upgrade comes with the integral infrastructure for users to access all products on multiple chains. Also, the new market will enable gas reduction fees. Maker disclosed that scalable products that yield profit helps DAO grow and expand into multiple markets.

Nexo To List Maker (MKR)

Nexo, a regulated institution for digital assets, has added MakerDAO’s native token to its exchange. Users can now top up, exchange, borrow, and buy MKR on Nexo. The digital asset can also be used for purchases with the Nexo Card. Holders can leverage their existing portfolio and purchase up to 3x more MKR.

Furthermore, Nexo allows its users to swap MKR/BTC, MKR/ETH, and MKR/USDT, among others. Users can also choose to wield their MKR as collateral and spend its value with the card.

Technical Analysis

At press time, MKR’s price is trading at $1,352, up 9.14%. The digital asset’s technical indicators reveal a bullish trend for investors who intend to buy MKR.

MKR Price Chart - Buy MKRMKR has so far outperformed the global crypto market, which is down by 4.40%. The digital asset exhibits a 50-day moving average (MA) value of $1,366 and a 50-day exponential moving average (EMA) of $1,353. MKR is currently trading below its long term indicators. However, this is in line with the present market condition.

Presently, the crypto asset is trading within the 50% Fibonacci retracement threshold of $1,330. In addition, the moving average convergence and divergence (MACD) indicator is slightly positive, revealing a buy signal.

MKR’s relative strength index of 59.45 shows that the token is trading in the underbought region. This indicates that it’s not too late for investors to buy MKR.

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Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.