Amidst the bearish market conditions, the Maker (MKR) price increased 7.81% in the past 24 hours, reaching $2,530.48. This surge comes as multiple technical analysts identify bullish chart patterns and MakerDAO announces an audit contest.
What you'll learn 👉
Technical Analysis Points to Potential Breakout
Several prominent crypto analysts have highlighted bullish technical formations for MKR:
Falling Wedge Pattern Identified
Analyst World Of Charts has noted that MKR is forming a falling wedge pattern while simultaneously testing a horizontal resistance level. A breakout from this combined pattern could potentially trigger a sharp rally towards the $4,000 mark.
ZAYK Charts corroborates this analysis, identifying a falling wedge formation on the 12-hour timeframe and anticipating a breakout.
Universe of Crypto observes that MKR has formed a “perfect falling wedge” on the daily chart. The analyst suggests that a successful breakout and retest of this pattern could lead to a significant price rally.
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Show more +MakerDAO Unveils Monumental Audit Competition
The rise in MakerDAO values aligns with a proclamation from the decentralized financial organization MakerDAO on the 25th of June. The DeFi lending platform, renowned for cultivating the DAI stablecoin, disclosed intentions for a competition offering a $1.35 million prize pool – the most substantial of its kind within the cryptographic ecosystem.
The Audit Contest Details
The contest will be hosted on the Sherlock Platform, a leading provider of Web3 audit contests.
This is a crucial part of MakerDAO’s Launch Season, the first phase of its Endgame strategy.
The Endgame is the final stage of MakerDAO’s long-term plan, to improve its governance and become self-sustaining.
MakerDAO wants to find potential weaknesses by offering rewards, to make its protocol stronger and gain more trust in the DeFi community.
The size and scope of this audit contest could set a new standard for security practices in DeFi, and encourage other projects to do the same.
Read more: YouTube Analyst Makes Urgent Shiba Inu (SHIB) Price Prediction – Meme Coin Crash or Rally?
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