Maker

<ul> 
 <li>Maker (MKR) has climbed over 11% in the last 24 hours.</li> 
 <li>The price movements of Maker reveal a consolidating pattern with bullish control.</li> 
</ul> 
While August is concluding, the altcoin market has witnessed a remarkable surge in Maker (MKR), the governance token of the decentralized finance (DeFi) giant <a href="https://thenewscrypto.com/makerdao-adds-u-s-treasury-bonds-worth-700-million/" target="_blank" rel="noopener noreferrer nofollow">MakerDAO</a>. Amidst an array of price fluctuations across the global cryptocurrency market, Maker stands out with an impressive 11% gain, reaching a value of $1,155.&nbsp; 
This ascent comes at a time when the market leader, Bitcoin, struggles in the red. Notably, Maker’s trading volume has skyrocketed by 40.62% within a single day, showcasing the heightened interest in this altcoin. Over the past week, Maker has demonstrated its performance with a 6% increase in value. 
<h2 class="wp-block-heading" id="h-maker-mkr-technical-analysis">Maker (MKR) Technical Analysis</h2> 
On August 1st, the token surged to a one-year high price, solidifying its position as a <a href="https://thenewscrypto.com/maker-mkr-fantom-ftm-rise-yet-vc-spectras-spct-900-end-of-presale-gain-is-the-buzz/" target="_blank" rel="noopener noreferrer nofollow">leading player</a> in the global crypto market, and recorded $1,342. Following that, MKR traded in the $1200 to $1000 range. 
However, Maker’s recent price movements uncover a consolidating pattern, with bullish forces seemingly in control. The daily Relative Strength Index (RSI) hovers around the inflection point of neutral territory, marking a value of 55.53. 
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 <img decoding="async" width="1024" height="521" src="https://thenewscrypto.com/wp-content/uploads/2023/08/Maker-MKR-1024x521.png" alt="" class="wp-image-81511" srcset="https://thenewscrypto.com/wp-content/uploads/2023/08/Maker-MKR-1024x521.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/08/Maker-MKR-300x153.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/08/Maker-MKR-768x391.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/08/Maker-MKR-150x76.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/08/Maker-MKR.png 1302w" sizes="(max-width: 1024px) 100vw, 1024px"> 
 <figcaption class="wp-element-caption"> Maker (MKR) Price Chart (Source: <a href="https://in.tradingview.com/symbols/MKRUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>) 
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A promising scenario unfolds if Maker’s price <a href="https://thenewscrypto.com/makerdaos-dsr-proposal-reshaping-defi-with-3-33-rates/" target="_blank" rel="noopener noreferrer nofollow">continues its upward</a> trajectory in a flag formation, potentially crossing above both the 50-day and 200-day moving averages. In the daily trading pattern, it becomes evident that MKR’s price could scale the heights of the $1,200 resistance level before observe any downward retracement. This upward momentum could then propel the bulls towards their next goal—the $1,350 resistance. 
If bearish momentum takes control, the price of MKR could experience a decline towards support levels. The initial support sits at $1,044, followed by a potential dip further down to $826.

Maker (MKR) Surges Over 11% While Others Struggle

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