Maker price rally continued on Friday as cryptocurrencies recoiled.
The coin reacted to Maker’s push in South Korea.
Maker (MKR) price rally continued as investors watched the expansion of the network in South Korea, one of the biggest players in the crypto industry. The MKR token jumped to a high of $1,150 on Thursday, the highest level since August 16th. It has soared by more than 17% from the lowest level in August.
The main catalyst for the MKR price rally is the developer’s push into South Korea. In a statement on August 29th, the developers said that they were keen to introduce SubDAO in the country. The SubDAO Genesis event will take place on September 3rd in South Korea.
A subDAO is an approach that enhances governance in a blockchain platform. It has an independent foundation and ownership structure but is then tied to the parent DAO inits mission. The goal is to boost more decentralization in the ecosystem.
As part of its South Korean push, Marker is also co-sponsoring EthconKorea, a major event happening in Seoul.
We are sponsoring @ethconkr with Spark Protocol.
Are you coding?
Discover our hackathon bounties and develop your expertise as you build on top of Maker SubDAOs and Spark Protocol. pic.twitter.com/o4H3dEwHUw
— Maker (@MakerDAO) August 29, 2023
Maker price is also jumping as demand for Spark Protocol continues. Data compiled by Defi Llama shows that the DeFi protocol has seen its TVL jump to over $681 million in the past few months. Its highest TVL was $700 million.
Investors are attracted to Spark Protocol because of its substantially higher yields compared to its rivals. This also explains why the Dai market cap has been rising recently.
Maker price prediction
The 4H chart shows that the MKR price has been in a steady upward trend in the past few days. In this period, the coin has managed to move above the important resistance level at $1,121, the highest point on August 22nd. The coin has jumped above the 25-period and 50-day moving averages.
Maker price has also jumped above the Ichimoku cloud indicator. Therefore, the outlook for the con is bullish, with the next level to watch being at $1,200. The stop-loss of this trade will be at $1,100.
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