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MKR Holders Can Vote on Maker Protocol Changes

MKR holders are now able to vote on significant changes to the Maker Protocol, with impacts on the cryptocurrency's price dynamics.
Published on 2023-04-07

Executive Vote on Maker Protocol

MKR holders and delegates are currently empowered to vote on a series of proposed changes to the Maker Protocol. These changes include adjustments to the GSM Pause Delay, the implementation of Recognized Delegate Compensation, modifications to DAI and MKR Streams, and alterations in ESM Interaction. This executive vote represents a significant opportunity for stakeholders to influence the protocol's future direction.

MKR Price Dynamics

As the vote unfolds, MKR's price has experienced a slight decline, dropping 1.43% to $702.83. This downward trend is also reflected in its performance against Bitcoin and Ethereum, where it has decreased by 1.33% and 0.12%, respectively. The trading volume for MKR has also seen a minor dip, decreasing by 2.76% to approximately $70.3 million over the last 24 hours. Despite these fluctuations, MKR maintains a market cap of $687 million, ranking it as the 68th largest cryptocurrency by market capitalization.

Technical Analysis Insights

Recent technical analysis reveals that MKR has successfully climbed above the 20-day EMA line, transforming a resistance level at $703 into a new support level. Should MKR close above this price today, a breakout toward $767 could ensue in the next 24-48 hours. Conversely, failing to maintain this support could see the price slip to $655. The bearish momentum is supported by the daily RSI indicator, which is trending towards oversold territory. Traders are advised to wait for the 9-day EMA to cross the 20-day EMA before considering long positions.

This situation underscores the dynamic interplay between protocol governance and market performance, highlighting the critical role of informed decision-making in the crypto space.

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