MakerDAO continues its upward surge after the total delegated MKR reaches an all-time high

MakerDAO continues its upward surge after the total delegated MKR reaches an all-time high

By Hassan Maishera - min read

MKR, the native token of the MakerDAO ecosystem, is one of the best performers in the cryptocurrency market following last week’s announcement.

MKR, the native token of the MakerDAO ecosystem, is outperforming most of the coins and tokens in the top 100 list. The token has added more than 1% to its value in the last 24 hours, outperforming the broader crypto market.

The total crypto market cap remains above $900 billion despite losing more than 1% of its value in the past 24 hours.

Bitcoin, the world’s largest cryptocurrency by market cap, could drop below the $19k support level as it is down by more than 1% in the last 24 hours. Ether is down by more than 2% so far today and is trading below the $1,300 support level. 

MKR has added more than 4% to its value so far today, outperforming the other coins in the top 100 list. MKR has been performing well over the past few days as it is up by more than 12% in the last seven days.

The rally comes after MakerDAO announced a few days ago that the total delegated MKR is at an all-time high. 

The team said there are now 142.67k MKR delegated to 23 Recognized Delegates and 92 Shadow Delegates, and a total of 187.83k MKR locked into the Maker Governance contract.

Key levels to watch

The MKR/USD 4-hour chart is bullish as MKR has been performing well over the past few days.

MKR/USD Chart By TradingView

The 14-day RSI of 60 shows that MKR could enter the overbought region if MakerDAO sustains its positive momentum. The MACD line remains above the neutral zone, indicating bullish momentum. 

At press time, MKR is trading at $773 per coin. If the bulls remain in control, MKR could surge past the $811 resistance level for the first time since August.

However, it would need the support of the broader crypto market to move past the $844 resistance level in the short term. 

Where to buy now 

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Kraken

Kraken is a San Francisco-based cryptocurrency exchange that allows users to trade various digital currencies. With a strong emphasis on security, Kraken employs cold storage for most funds and offers two-factor authentication (2FA). Its user-friendly interface provides real-time charts and order books, making it suitable for both beginners and experienced traders. Kraken also complies with regulatory requirements in the jurisdictions where it operates.