Maker (@MakerDAO) tweeted on Wednesday that an executive vote is live. According to the tweet, MKR holders and delegates can use their MKR voting power to enact several changes to the Maker Protocol if they are in support of them.
The proposed changes that can be voted on are raising the GSM Pause Delay, the introduction of Recognized Delegate Compensation, DAI and MKR Streams, and ESM Interaction Changes.
At press time, the price of MKR is down 1.43% according to CoinMarketCap. As a result, the altcoin’s price currently stands at $702.83. MKR’s price is also down against the two leading cryptos, Bitcoin (BTC) and Ethereum (ETH), by 1.33% and 0.12% respectively.
The daily trading volume for MKR is slightly down compared to what it was yesterday. Currently, MKR’s 24-hour trading volume stands at around $70,311,200, which is a 2.76% decrease in the last 24 hours. MKR’s market cap is estimated to be $687,270,212 at press time. This ranks it as the 68th biggest crypto project in terms of market cap.
Daily chart for MKR/USDT (Source: TradingView)
The price of MKR has been able to break above the 20-day EMA line in the last 24 hours and continues to trade above this EMA level at press time. Furthermore, MKR’s price has also flipped the resistance level at $703 into support in the last 24 hours.
Should MKR’s price close today’s trading session above the $703 mark, then it will likely break out toward $767 in the next 24-48 hours. However, a close today below this level will see MKR’s price lose the support of the 9-day EMA line and drop down to $655.
The daily RSI indicator supports the bearish thesis as the daily RSI line is currently sloped negatively toward the oversold territory. Therefore, it may be best for traders to wait for the 9-day EMA line to cross the 20-day EMA line before entering into a long position for MKR.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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Source: Cryptocurrency - investing.com
