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DAO Maker Price Rallies as a Golden Cross Nears

Crispus Nyaga
Crispus Nyaga
Crispus Nyaga
Author:
Crispus Nyaga
Writer
Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.
March 2nd, 2023
  • DAO Maker is one of the biggest DAO launchpads in the industry.
  • Its native token has soared and is approaching forming a golden cross pattern.

DAO Maker’s cryptocurrency has been in an unstoppable bull run since November last year. The DAO price jumped to a high of $1.62, the highest level since September last year. It has jumped by more than 140% from the lowest point in 2023.

What is DAO Maker?

DAO Maker is a leading blockchain company that provides services that makes it possible for developers to create decentralized autonomous organizations (DAO). A DAO is an institution that is governed by members of the community.

Read more: What is a DAO?

DAO Maker’s products include DAO Launchpad, Community Launchpad, Farms and Vestings, and Stake DAO among others. Data in its website shows that users have made over $32 million in contributions in its ecosystem. Over $178 million in funds have been distributed. Some of the top dApps that have been launched in DAO Maker are My Neighbor Alice, XCAD Network, and Orion Protocol among others.

DAO Maker also launched Gamium in 2022 despite the crypto sell-off. It is a fast-growing metaverse network whose token has grown its market cap to over $54 million. Its developers are building an identity and financial protocol and a metaverse platform. They also want to incorporate artificial intelligence in its ecosystem and collaborated with Meta Platforms and Telefonica.

It is unclear why DAO Maker’s token price has surged in the past few weeks. A likely reason is that many developers have embraced the DAO model as the blockchain industry grows. Another reason is that the developers are moving fully into AI through a project known as CryptoGP.

Read more: How to create a DAO.

DAO price prediction

The daily chart shows that the DAO Maker price has been in a strong bullish trend in the past few days. It has managed to move to the 50% Fibonacci Retracement level. In price action analysis, this move is usually seen as a bullish sign. DAO has also moved above the 50-day and 200-day moving averages. The two are about to make a bullish crossover pattern. It has also jumped above the Ichimoku cloud.

Therefore, there is a likelihood that the DAO/USD price will continue rising as buyers target the key resistance level at $1.808, the 61.8% Fibonacci Retracement point. The stop-loss of this trade will be at $1.3600.

Contributors

Crispus Nyaga
Writer
Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.