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<p>Amidst the bearish market conditions, the Maker (MKR) price increased 7.81% in the past 24 hours, reaching $2,530.48. This surge comes as multiple technical analysts identify bullish chart patterns and MakerDAO announces an audit contest.</p>
<h2 class="wp-block-heading" id="technical-analysis-points-to-potential-breakout">Technical Analysis Points to Potential Breakout</h2>
<p>Several prominent crypto analysts have highlighted bullish technical formations for MKR:</p>
<h3 class="wp-block-heading" id="falling-wedge-pattern-identified">Falling Wedge Pattern Identified</h3>
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<p>Analyst World Of Charts has <a href="https://x.com/WorldOfCharts1/status/1806235905637629954" target="_blank" rel="noopener noreferrer nofollow">noted</a> that MKR is forming a falling wedge pattern while simultaneously testing a horizontal resistance level. A breakout from this combined pattern could potentially trigger a sharp rally towards the $4,000 mark.</p>
<p>ZAYK Charts <a href="https://x.com/ZAYKCharts/status/1806178996662792674" target="_blank" rel="noopener noreferrer nofollow">corroborates</a> this analysis, identifying a falling wedge formation on the 12-hour timeframe and anticipating a breakout.</p>
<p>Universe of Crypto <a href="https://x.com/UniverseCrypto7/status/1806247346621301143" target="_blank" rel="noopener noreferrer nofollow">observes</a> that MKR has formed a “perfect falling wedge” on the daily chart. The analyst suggests that a successful breakout and retest of this pattern could lead to a significant price rally.</p>
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<h2 class="wp-block-heading" id="makerdao-unveils-monumental-audit-competition">MakerDAO Unveils Monumental Audit Competition</h2>
<p>The rise in MakerDAO values aligns with a proclamation from the decentralized financial organization MakerDAO on the 25th of June. The DeFi lending platform, renowned for cultivating the DAI stablecoin, disclosed intentions for a competition offering a $1.35 million prize pool – the most substantial of its kind within the cryptographic ecosystem.</p>
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   <p lang="en" dir="ltr">Announcing the official Endgame audit contest, hosted on <a href="https://twitter.com/sherlockdefi?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@sherlockdefi</a>.<br><br>DeFi builders are invited to participate in the largest bug-finding contest in the space, with a total of 1,350,000 DAI in rewards, scheduled to run from July 8th through August 5th, 2024.<br><br>This is a unique… <a href="https://t.co/XWoc5KNbYb" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/XWoc5KNbYb</a></p>— Maker (@MakerDAO) <a href="https://twitter.com/MakerDAO/status/1805604184957296965?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 25, 2024</a>
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<h3 class="wp-block-heading" id="the-audit-contest-details">The Audit Contest Details</h3>
<p>The contest will be hosted on the Sherlock Platform, a leading provider of Web3 audit contests.</p>
<p>This is a crucial part of MakerDAO’s Launch Season, the first phase of its Endgame strategy.</p>
<p>The Endgame is the final stage of MakerDAO’s long-term plan, to improve its governance and become self-sustaining.</p>
<p>MakerDAO wants to find potential weaknesses by offering rewards, to make its protocol stronger and gain more trust in the DeFi community.</p>
<p>The size and scope of this audit contest could set a new standard for security practices in DeFi, and encourage other projects to do the same.</p>
<p><strong><em>Read more:&nbsp;<a href="https://captainaltcoin.com/youtube-analyst-makes-urgent-shiba-inu-shib-price-prediction-meme-coin-crash-or-rally/" target="_blank" rel="noopener noreferrer nofollow">YouTube Analyst Makes Urgent Shiba Inu (SHIB) Price Prediction – Meme Coin Crash or Rally?</a></em></strong></p>
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<p>The post <a href="https://captainaltcoin.com/why-is-maker-mkr-price-pumping/" rel="noopener noreferrer nofollow">Why is Maker&nbsp;(MKR) Price Pumping?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why is Maker (MKR) Price Pumping?

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