Maker

bullish

Bitcoin

DeFi

Maker bulls exert significant effort to counter the dampening sentiment in the cryptocurrency market, resulting in a 5% price increase for MKR to $2,850. 
<a class="editor-rtfLink" href="https://coingape.com/markets/bitcoin-ethereum-ripple-price-analysis-heres-btcs-fate-after-70k-rejection/" target="_blank" rel="noopener">Bitcoin</a> and most altcoins plunged into negative territory after Monday’s strong performance, which saw Bitcoin climb to $70,000.&nbsp; 
A 3% decline in total market capitalization to $2.5 trillion underscores the growing selling pressure. 
<h2 id="span-data-preserver-spaces-true-maker-begins-litepsm-upgrade-rollout-span">Maker Begins LitePSM Upgrade Rollout&nbsp;</h2> 
Maker Governance has voted to approve the implementation of LitePSM, a high-efficiency upgrade to the PSM. 
PSM is a tool to maintain DAI’s peg to the US dollar. It allows users to swap DAI for supported stablecoins like USDC at a 1:1 ratio. This arbitrage mechanism helps stabilize DAI’s price by preventing significant deviations from its target value. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Maker Governance has approved the latest Executive Vote. 
 → <a href="https://t.co/un2Ux3Cv8b">https://t.co/un2Ux3Cv8b</a> 
 The changes described below will be available for execution within the Maker Protocol on July 30th, at 20:29 UTC. 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f5a5.png" alt="🖥" class="wp-smiley" style="height: 1em; max-height: 1em;"> LITE-PSM-USDC-A Phase 1 Actions 
 The first phase of the migration from… <a href="https://t.co/gSGVv1Ma8X">pic.twitter.com/gSGVv1Ma8X</a> 
 — Maker (@MakerDAO) <a href="https://twitter.com/MakerDAO/status/1818000258938388645?ref_src=twsrc%5Etfw">July 29, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
According to Dewiz, a DeFi Engineering Services provider, PSM came to life “during DeFi Summer to tame $ Dai’s rollercoaster.” Critics faulted the system for hogging Dai supply amid massive spikes in gas. 
The introduction of LitePSM will see users of the stablecoin Dai slash gas fees, access smoother Dai swaps, and yield more. LitePSM’s main objectives are maintaining the Dai peg the US dollar by minimizing volatility, providing liquidity, and managing the stablecoin’s systemic risk. 
Dai is a stablecoin in the MKR ecosystem. It is pegged to the US dollar, allowing investors to access DeFi platforms to facilitate swaps and asset trading. Dai boasts a $5.3 market cap and is the 19th largest cryptocurrency. 
<h2 id="span-data-preserver-spaces-true-mkr-price-targets-3-000-following-breakout-span">MKR Price Targets $3,000 Following Breakout&nbsp;</h2> 
After <a class="editor-rtfLink" href="https://coingape.com/price/maker/#:~:text=Maker%20(MKR)%20Price%20Today&amp;text=Live%20Price%20of%20Maker%20(MKR,market%20cap%20stands%20at%20$2,615,490,868." target="_blank" rel="noopener">MKR price</a> topped out at $3,118 last week, it assumed a downtrend between two slanting trend lines, forming a falling wedge pattern. 
With every step taken downwards, volume decreased, suggesting that sellers lost their grip and allowed the bulls to turn things around. 
Support at $2,600 allowed fresh liquidity collection, arming MKR price for a strong trend reversal. Traders increased exposure to MKR longs upon breaching the upper trend line, with the stop loss slightly below it. 
A 10% increase in price is anticipated, bringing MKR near the $3,000 level. A golden cross pattern formed with the 20-day EMA crossing above the 50-day EMA affirms the ongoing uptrend. The <a class="editor-rtfLink" href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/" target="_blank" rel="noopener">MACD</a> buy signal is another bullish factor when trading MKR this week. 
<figure id="attachment_210168" aria-describedby="caption-attachment-210168" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210168" src="https://coingape.com/wp-content/uploads/2024/07/MKRUSDT_2024-07-30_19-08-50.png" alt="Maker price chart | Tradingview" width="2694" height="1440" srcset="https://coingape.com/wp-content/uploads/2024/07/MKRUSDT_2024-07-30_19-08-50.png 2694w, https://coingape.com/wp-content/uploads/2024/07/MKRUSDT_2024-07-30_19-08-50-300x160.png 300w, https://coingape.com/wp-content/uploads/2024/07/MKRUSDT_2024-07-30_19-08-50-1224x654.png 1224w, https://coingape.com/wp-content/uploads/2024/07/MKRUSDT_2024-07-30_19-08-50-768x411.png 768w, https://coingape.com/wp-content/uploads/2024/07/MKRUSDT_2024-07-30_19-08-50-1536x821.png 1536w, https://coingape.com/wp-content/uploads/2024/07/MKRUSDT_2024-07-30_19-08-50-2048x1095.png 2048w, https://coingape.com/wp-content/uploads/2024/07/MKRUSDT_2024-07-30_19-08-50-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-210168" class="wp-caption-text">
 MKR price chart | Tradingview
 </figcaption>
</figure> 
MKR needs to find support above the previous day’s open of $2,825; otherwise, sliding under it could spook traders, who may move quickly to close positions and shift to short the token.&nbsp; 
Such an occurrence may accelerate the correction toward the initial support at $2,700 with the possibility of an extended decline to $2,600. 
The post <a href="https://coingape.com/markets/maker-governance-greenlights-litepsm-upgrade-can-mkr-hit-3k/">Maker Governance Greenlights LitePSM Upgrade: Can MKR Hit $3k?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Maker Governance Greenlights LitePSM Upgrade: Can MKR Hit $3k?

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