- Maker’s MKR has been in a strong bearish trend in the past few weeks.
- Maker Governance voted for the Endgame Prelaunch.
Maker price dropped to the lowest level since October 11 after an eventful October. It was trading at $879 on Tuesday, which was about 25% below the highest level in October. The MKR coin has a market cap of more than $861 million while DAI, its stablecoin is valued at over $6.177 billion.
Maker October review
Maker is one of the biggest players in the Decentralised Finance (DeFi) industry. According to DeFi Llama, Maker has a total value locked (TVL) of more than $8 billion, making it the second-biggest platform after AAVE.
Maker is a lending protocol that is known for DAI, its algorithmic stablecoin. People can generate Dai and use it in more than 400 apps, including Coinbase, Swissborg, and Wyre among others. MKR, its native token, is used to provide governance in its ecosystem.
Maker had an eventful October. According to the developers, Maker Governance executed its first balance sheet investment in high-quality bonds. The ceiling of these investments will be 500 million DAI, which is equivalent to about $500 million.
Another important event was Maker Governance’s decision to transfer up to 1.6 billion USDC to Coinbase Prime. This deposit will earn about 1.5% APY. For Coinbase, the deal expanded its USDC rewards program to an institutional client for the first time.
The most important event was the vote on Endgame Prelaunch. The Endgame Plan is a restructuring proposal whose goal is to strengthen decentralization and simplify the core of Maker. As a result, this decentralization will introduce MetaDAOs, which are connected to the main MakerDAO.
And on a sad note, Maker’s co-founder Nikolai Mushegian died last week after drowning in Puerto Rico. The 29-year-old was a relatively unknown visionary developer who helped transform Maker into one of the biggest DeFi protocols in the world.
Maker price prediction
The four-hour chart shows that the MKR price has been in a strong bearish trend in the past few days. In this period, the coin has managed to move below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has continued falling.
It is also trading at the 50% Fibonacci Retracement level. Therefore, the path of the least resistance for the coin is downward, with the next key support level being at $800. A move above the key resistance at $915 will invalidate the bearish view.
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