Maker (MKR) Price Targets $3,000 Following Breakout From Falling Wedge Pattern

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.

DeFi Engineering Services provider Dewiz explained that PSM was created “during DeFi Summer to tame $ Dai’s rollercoaster.” However, critics noted that the system locked up Dai supply during periods of high gas.

With the introduction of LitePSM, users of the stablecoin Dai will be able to reduce gas costs, perform Dai swaps more easily, and generate higher yields.

The primary goals of LitePSM are maintaining the Dai peg to the US dollar, minimizing volatility, providing liquidity, and managing the stablecoin’s systemic risk.

Within the MKR ecosystem, Dai is a stablecoin. It is pegged to the US dollar, enabling investors to access DeFi platforms to facilitate swaps and asset trading. With a market cap of $5.3 billion, Dai is the 19th largest cryptocurrency.

MKR Price Targets $3,000 After Breakout

After reaching a peak of $3,118 last week, MKR price began a downtrend that was contained within two slanting trend lines, forming a falling wedge pattern.

Volume decreased with each step down, indicating that sellers were losing strength and allowing bulls to regain control.

Support at $2,600 allowed for the accumulation of fresh liquidity, preparing MKR price for a strong trend reversal.

Traders could have increased exposure to MKR longs once the price breached the upper trend line, with the stop loss placed just below it.

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