On Wednesday, Maker (@MakerDAO) announced via Twitter that an executive vote is underway. This vote empowers MKR holders and delegates to exercise their voting power and potentially implement modifications to the Maker Protocol, provided they favor them.
The upcoming voting session presents a series of proposed modifications to enhance the system’s efficiency. These include elevating the GSM Pause Delay, implementing Recognized Delegate Compensation, introducing DAI and MKR Streams, and refining ESM Interaction. As responsible stakeholders, we must approach these potential changes with a professional and discerning mindset, evaluating their impact on the system’s overall performance. Let us exercise our voting rights with due diligence and contribute to our community’s continued growth and success.
According to the latest update from CoinMarketCap, the value of MKR has experienced a slight dip of 1.43%. As a result, this altcoin’s current price is $702.83. It is worth noting that MKR’s value has also decreased by 1.33% and 0.12% against the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), respectively.
The trading activity for MKR has experienced a slight dip compared to the previous day. The 24-hour trading volume for MKR is hovering around $70,311,200, indicating a 2.76% decline over the last 24 hours. As of now, the market capitalization of MKR is estimated to be $687,270,212, placing it at the 68th position among the largest crypto projects in terms of market cap.
In the past 24 hours, MKR’s value has surpassed the 20-day EMA line and remains above this level. Additionally, the price of MKR has impressively converted the resistance level of $703 into a supportive one within the same time frame.
If MKR surpasses the $703 threshold by the end of today’s trading session, it will soar towards $767 within the next 24-48 hours. Conversely, if it fails to maintain this level, MKR’s price will lose the backing of the 9-day EMA line and plummet to $655.
Based on the daily RSI indicator, the bearish outlook is reinforced as the RSI line is angled downward towards the oversold region. As a result, it would be prudent for traders to exercise patience and wait for the 9-day EMA line to intersect with the 20-day EMA line before initiating a long position for MKR.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
