Maker [MKR] surges following Decentralands’ auction inclusion: Technical Analysis
The cryptocurrency markets began this week on a familiar low, with the bears ensconcing the market once again dragging the price of Bitcoin [BTC] below the $4,000 mark and the market cap to $125 billion. Several coins opened with plummeting red, mirroring the downswings of November, but certain coins were buoyed by important announcements. Maker [MKR] surged into the top 20 with a double-digit increase following the announcement by Decentraland.
Decentraland, the virtual reality platform will be having an auction for their digital spaces or “LAND”. The “LAND auction” is where users can purchase virtual land parcels on Decentraland’s platform using MKR and Dai tokens, through this partnership between the VR platform and MakerDAO.
We’re happy to introduce MKR and Dai from @MakerDAO as the latest additions to the third party tokens you can use to buy LAND in the upcoming auction! Learn more on our blog: https://t.co/YjZ5Adbcur pic.twitter.com/jHaT1wjIhv
— Decentraland (@decentraland) December 4, 2018
There are currently 9,300 LAND parcels on offer via the auction and 5 percent of the proceeds from the same will go to Needslists’ charity marketplace, a humanitarian relief programme. The remaining 95 percent will be converted into MANA (Decentraland’s ERC token). Another major collaborator in the LAND auction is Binance, with the addition of the exchange’s native token Binance Coin [BNB] and their e-wallet, TrustWallet.
Since the inclusion announcement, Maker has surged past Dogecoin [DOGE], VeChain [VET] and Bitcoin Gold [BTG] on the global coin charts and is sitting comfortably on the 20th spot, behind Zcash, under $100 million behind.
The major support level of the coin is placed at $723.4, which the coin last touched in early October. The major resistance level of the coin is $755.1, which the coin fell below during the September downturn. The MACD line points to a bullish swing beginning late on Monday, while the 100 EMA line shows that the coin is looking to break into an uptrend.
Maker has been on the shopping lists of many investors since its upward movement began in late-November. On 20 November, the coin’s RSI stood at 31.02, and rose to 54.67 at press time, recently buoyed by the Decentraland announcement. The trading range exhibited by the coin is $392.28-$421.91, with the coin hovering closer to the higher extreme. At press time, the coin has surged by 11.07% against the U.S. dollar and is priced at $420.24.
The virtual currency has increased past a mildly falling Bitcoin by 12.13% and at press time, one MKR is equivalent to 0.10785625 BTC.
After the weekend’s Bitcoin dip which anchored the entire market to fall below the $125 billion mark, Maker began to surge. Decentraland officially announced the inclusion of MakerDAO on December 5, but the market cap of the coin began to rise 4 days prior. On December 1, the coin’s market cap was pegged at $250.2 million and rose by 17.6% to reach $294.3 million by December 3. The market cap corrected down to $267.3 million prior to the LAND auction induced increase. At 0700 UTC on December 4, the market cap was $267.3 million and rose by 14.81% to reach $306.9 million in less than 24 hours. At press time, the market cap is valued at $306.1 million.
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