Why is Maker (MKR) Price Pumping?

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.

The price of Maker (MKR) went up 7.81% in the last 24 hours to reach $2,530.48, making it the biggest gainer among the top 100 cryptocurrencies by market capitalization.

The surge in MKR’s price comes as several technical analysts have identified bullish chart patterns for the token.Analyst World Of Charts noted that MKR is forming a falling wedge pattern while simultaneously testing a horizontal resistance level. A breakout from this combined pattern could trigger a sharp rally towards the $4,000 mark.

ZAYK Charts also identified a falling wedge formation on the 12-hour timeframe and anticipates a breakout.

Universe of Crypto observed 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.

The rising price of MKR also aligns with a recent announcement from decentralized financial organization MakerDAO. On June 25, the DeFi lending platform disclosed its intentions for a competition offering a $1.35 million prize pool – the largest of its kind within the cryptographic ecosystem.

Announcing the official Endgame audit contest, hosted on @sherlockdefi.

DeFi builders are invited to participate in the largest bug-finding contest in the space, with a total of 1,350,000 DAI in rewards, scheduled to run from July 8th through August 5th, 2024.

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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.

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