MKR jumps 10% as MakerDAO’s bug-finding contest attracts attention

MakerDAO (MKR) emerged as a top gainer in the crypto market over the past day.

The altcoin climbed from a daily low of $2,335 to $2,557 – an over 10% increase.

MKR’s price surge comes after a Tuesday X post by stablecoin DAI creators and DeFi lending platform MakerDAO.

The protocol announced a $1.35 million bug-finding context hosted on the competition platform, Sherlock.

The context, scheduled to run between 8 July and 5 August 2024, is crucial as MakerDAO nears the Launch Season – the initial chapter of the Endgame, coming later this summer.

“This is a unique opportunity to collaboratively strengthen the rock-solid security of Endgame products as Maker approaches Launch Season.”

Endgame marks Maker’s last development stage of its long-term strategy. It will revolutionize governance and introduce a self-sustaining equilibrium.

Increased buying activity from large-scale players also triggered MKR’s price surge.

The latest stats show whales have purchased tokens worth nearly $260K in the last 24 hours.

MKR’s current price action

The altcoin displayed robust bullishness on its daily price chart, up more than 10% within the past day.

MKR 1D Chart on Coinmarketcap

MKR changed hands at $2,531 during this publication and seems to have more momentum for extended upsides.

The alt’s trading volume increased by 70% over the past day, indicating trader optimism amid recovering prices.

Maker price forecast

MKR displays momentum after displaying bearish tendencies since April. The current price actions reflect optimism.

Investor confidence (testified by massive whale buys) and surged trading volume support Maker’s positive outlook.

The solid move from $2,300 to the current value above $2,500 underscores robust bullishness among MKR investors and traders.

Technical indicators support more upticks for the altcoin if it retains the current impetus.

The remarkable upswing saw Maker shifting trajectory to bullish. The trend could see the alt overpowering the resistance at $2,600 before reclaiming $2,800 and finally $3,000.  

However, sudden bearish moves will likely ruin the party. Such a development might push MKR to the support at around $2,500.

Extended dips would plunge the asset towards $2,400 before magnified selling activities take it to the $2,300 mark.

Nonetheless, technical indicators on the 4-hour chart display upside signs.

The Moving Average Convergence Divergence line sways beyond the signal line, while histograms reveal green bars, indicating a bullish momentum.

The Awesome Oscillator reads 100.91, confirming upward strength for the token. Also, the Chaikin Money Flow at 0.04 suggests money flowing into the asset.

However, the Relative Strength Index hit the 70 overbought region, suggesting potential future consolidation or correction.

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