- Maker price has soared to the highest point since September 9.
- CAKE has also rallied as investors move to blue-chip DeFi tokens.
Maker’s MKR and PancakeSwap’s CAKE have defied gravity in the past few weeks as investors bet on their growing market share. CAKE price was trading at $4.6 on Tuesday, which was about 32% above its lowest level in August. On the other hand, MKR price surged to a high of $882, the highest point since August 25.
Maker and PancakeSwap are defying gravity
Maker is the biggest player in the Decentralized Finance (DeFi) industry. Built on Ethereum, Maker is known for Dai, an algorithmic stablecoin that has a market cap of over $6.7 billion. It is the fourth-biggest stablecoin in the world after Tether, USD Coin, and Binance USD.
Anyone can generate Dai by simply leveraging assets approved by Maker Governance. It is a decentralized, unbiased, and collateral-backed stablecoin that is pegged to the US dollar. As a result, people can use Dai to borrow and also invest.
According to DeFi Llama, Maker’s total value locked (TVL) has jumped to more than $7.6 billion. This makes it the biggest DeFi protocol in the world. It is followed by Lido, Curve, and Aave.
PancakeSwap, on the other hand, is a more inclusive platform built on Binance’s BNB Chain. It has features like crypto swapping, staking, NFTs, and predictions. It has a TVL of more than $2.9 billion and is the 7th biggest cryptocurrency in the world.
Maker price prediction
In my last week’s MKR price forecast, I wrote that the coin will likely continue rising since it had momentum. This prediction was correct and the coin managed to move above the important resistance level at $795, which was the highest level on September 9.
On the four-hour chart, the coin has managed to move above all moving averages while the Relative Strength Index (RSI) has risen above the overbought level. It has also moved to the 50% Fibonacci Retracement level. Therefore, Maker price will likely continue rising as bulls target the next key resistance at $1,000.
CAKE price prediction
Last week, I predicted that PancakeSwap will continue rising as bulls target the key resistance at $6. This view did not happen as the coin pulled back as it approached the resistance at $6. Still, the coin remains above the ascending trendline shown in purple.
It has also moved above the 25-day and 50-day moving averages while the RSI has moved above 50. Therefore, the coin will likely continue rising as bulls target the key level at $6. For this to happen, bulls will need to move above the resistance at $4.90.
