The Maker price is surging today, becoming the best-performing DeFi project. MKR has surged by more than 22% in the past 24 hours and by 45% in the past two days as the total locked value (TVL) has surged to more than $9.65 billion. The total market capitalization has surged to more than $4.4 billion.
What happened: For starters, Maker is the world’s biggest Decentralized Finance (DeFi) platform in terms of TVL, according to data compiled by DeFi Pulse. The platform has created an ecosystem that helps people lend money and generate substantial returns.
According to CoinDesk, the Maker price is surging today after the platform expands its services. It is starting to lend against real assets like real estate and other products. Presently, the platform lends money using cryptocurrency as collateral. Members of the MakerDAO community voted to allow an ERC-20 token to represent ownership of real estate as collateral.
The MKR price has been in a strong rally recently. A few days ago, it faced a major resistance when it reached an all-time high of $4,053. Indeed, it dropped by more than 30% between Wednesday last week and Sunday. This decline was short-lived as the price has bounced back and gained by more than 70% in the past few days.
The Maker price remains above the 25-day moving average while the Stochastic oscillator has moved above the oversold level. The momentum indicator has also continued to surge. Therefore, in my view, this upward momentum will start to fade as traders sell the news. As such, it might soon retest its previous all-time high at $4,035, which is 15% below this price. However, in the longer term, the price may resume the upward trend to $5,000.
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