Maker (MKR) slipped over 10% during early trading hours on Saturday after a broader weakness in the market hurt the coin’s trajectory. At the press time, the coin was trading at $2,412.73 , down over 10.06% as compared to same time last day.
Maker’s trajectory still keeps market hopeful?
Despite the recent drop in Marker’s prices, market participants are still hopeful that the coin can bounce back to have a green trading trajectory. Investors have noted that Maker has seen a remarkable increase, rising more than 83% in the past year.
$MKR lost 2500 but gonna bid anyway because it's due for some mean reversion pic.twitter.com/2F6E91HC55
— Trader 92i (@trader92i) August 3, 2024
Supported by the confirmation of a Hidden Bull Divergence, investors thinks that MKR may be preparing for another rise towards a critical resistance level despite this setback.
Marker price likely to make a comeback in August
When a pullback occurs but the momentum indicator (such as the RSI) makes a lower bottom, showing underlying bullish strength, this is known as a Hidden Bull Divergence. This trend frequently precedes price increases, indicating that a new upward trajectory for MKR may not be far off.
As of now, Maker’s chart shows strong hidden bullish divergence. If MKR is able to take back the $3,802.32 mark, many predict another increase of more than 31.5%. Additionally, if MKR breaks and holds above this level, it may be able to reach its target price of $7,101.05, which would represent an 84% increase from the current price.
Maker unveils LitePSM
The prediction of MKR rising in the future comes at a time when there are positive news surrounding the Maker’s ecosystem. The high-efficiency PSM improvement known as LitePSM has been approved for implementation by Maker Governance in a vote.
Users of the stablecoin Dai will be able to access smoother Dai swaps, reduce gas prices, and increase yield with the launch of LitePSM. The primary goals of LitePSM are to manage the systemic risk of the stablecoin, minimize volatility, and keep the Dai pegged to the US dollar.
Users can exchange DAI at a 1:1 ratio for compatible stablecoins, such as USDC. By limiting large departures from the target value, this arbitrage mechanism aids in maintaining the price stability of DAI.
