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Maker price has climbed 7% in the past 24 hours to trade at $2,134 as of 5:20 a.m. EST, on trading volume that has surged 66% to $114.4 million.
The project’s price spiked shortly after reports surfaced that asset manager Grayscale Investments had launched a new investment fund for MakerDAO. The company announced its plan in a press release yesterday, August 13. In the announcement, the company said the new fund would offer investors the opportunity to gain exposure to MKR, the utility and governance token of Ethereum-based autonomous organization MakerDAO.
The news was exciting for MKR investors. As a result, the price of MKR surged due to increased demand, but it encountered resistance at $2,150 after increasing by 8%.
Manufacturer Price Prediction
Maker price has been surging in the past 24 hours, but it seems to have reached its limit after approaching the resistance at $2,150. Shortly after, the price corrected slightly and according to technical indicators, the decline could continue in the following hours.
Maker’s Bollinger Bands, for example, have narrowed considerably since its price hit resistance, which is a bearish sign. However, its price began to fluctuate between the upper and lower bands, displaying signs of shaky stability at first. In the last few hours, however, the price began to push the lower band lower, displaying a more bearish sentiment.
On the other hand, the project’s Relative Strength Index (RSI) value was deep in the overbought zone about 24 hours ago. However, since then, it has fallen back to the neutral zone, also with strong fluctuations. This showed that bulls and bears were fighting for dominance, with some trying to profit by selling MKR after its surge while others bought.
However, over the past few hours, the RSI value of MKR has started to decline towards the oversold zone, suggesting that the bears are currently in the lead. As a result, the price of MKR could see a sharp correction in the near future, so buying the token now would likely be a bad move. Instead, traders could consider waiting for the price to bottom out and then buying the dip.
Promising alternatives to Maker
At the moment, Maker seems to have reached its limit and its correction has already started, which makes it not the ideal time to start buying. However, this does not mean that there are no alternatives to mine right now. PlayDoge (PLAY) is one such example: one of the most anticipated coin/P2E projects in the cryptocurrency sector.
PlayDoge became popular when it announced its upcoming P2E game based on the 90s Tamagotchi, a hit toy that found its way into most homes around the world. It was a small device that could fit in your pocket and housed your own digital pet that you could feed, play with, and train.
PlayDoge will offer the same thing, but your 2D Doge pet will come in the form of a mobile app. Your interactions with the pet will be similar, but with one major difference: you will be rewarded with PLAY tokens for regularly caring for your pet. You can further increase your earnings by completing mini-games and collecting enough XP to climb to the top of the leaderboard.
We are in the final phase of the #presale. 🚨
Are you ready for the best? #P2E game of the year? 🔥
Earn $PLAY tokens and choose wisely what you feed your PlayDoge! 🌶️
LAST CHANCE TO BUY! 👇 pic.twitter.com/L3vML5z3xi
— PlayDoge (@PlayDogeGame) August 13, 2024
The project recently announced that its ICO is entering its final phase, so if you want to support it, now is the time to join us. So far, the presale has raised over $6 million, while the PLAY token is selling for $0.00529. You can buy the token with ETH, USDT, BNB, or credit/debit cards.
The news had already been covered by some cryptocurrency experts, such as an analyst from the YouTube channel Cryptonews, who predicted that the announcement would likely cause the ICO to explode in its final days.
Visit the official PLAY website.
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- SolidProof Audit – playdoge.io
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