MKR Daily Active Addresses Reach Two-Month High, Signaling Impending Surge

MKR Daily Active Addresses reached a two-month high at 761 on October 2, sustaining above 400 since September 26. The surge in daily transactions followed the Federal Reserve’s decision to halt interest rate adjustments on September 20. Following the TerraUST-induced market crash in May 2022, MKR experienced a significant transformation, thanks to MakerDAO’s adept team.

Maker ($MKR) Soars 40% In 16 Days, Hits 10-Week High In Active Addresses But There's A Catch – NullTX https://t.co/b9WF742nbx

— 🛡️Moonboy🤑⚡️(💙,🧡)🛸(✨🔴_🔴✨)❤️memecoins 💛 (@McMoonboy) September 28, 2023

They revamped the DAI stablecoin collateral mechanism, integrating mega-cap cryptocurrencies, stablecoins, and US Fed-issued debt instruments. These strategic changes led to an unprecedented surge in MKR on-chain metrics, with daily transactions spiking, reminiscent of the 2021 bullish market. This heightened activity and increased demand indicate an imminent bullish trajectory for MKR.

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Maker Key Levels To Watch – October 3

A bullish order block formed at the $500.00 demand zone as the price flipped bullish. The emerging bullish trend continued until the formation of the swing high at the $980.00 resistance. Due to the selling pressure from the $980.00 resistance, MKRUSD crashed to the downside as it returned to the bullish order block.

After the return to the bullish order block, the market resumed its uptrend. MKRUSD began a new phase of the markup as prices rallied in fractals. Price converges within two riding trendlines, with one acting as a diagonal support and the other as a diagonal resistance. In the meantime, the bullish trend is likely to continue.

MKR Key Levels

Resistance Levels: $1600.00, $2280.00, $3000.00
Support Levels: $980.00, $800.00, $500.00

Total Market Capitalization: $1.09T
Maker Market Capitalization: $1.43B
Maker Volume: $71M
Market Rank: #32

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