Wu Blockchain revealed in an X post earlier today that Maker (MKR) Protocol’s annualized revenue soared to an all-time high of $203 million this past Thursday. The supply of DAI also reached a new annual high of $5.6 billion.
Maker Protocol’s annualized revenue soared to an all-time high of $203 million on October 19, with DAI supply reaching a new annual high of $5.6 billion. The rise in U.S. treasury yields this year played a significant role in increasing the protocol’s revenue. MakerDAO’s RWA…
— Wu Blockchain (@WuBlockchain) October 21, 2023
According to the post, the rise in U.S. treasury yields this year has played a significant role in increasing the protocol’s revenue. Meanwhile, MakerDAO’s real world asset (RWA) deposits have risen to $3 billion.
At press time, CoinMarketCap data indicated that the price of MKR dropped 0.16% over the past 24 hours. Consequently, the altcoin was changing hands at $1,420.49. Despite the drop in price, the cryptocurrency was able to record an increase in its 24-hour trading volume. MKR’s volume was up 30.92%, and stood at $64,859,593 as a result.
Daily chart for MKR/USDT (Source: TradingView)
From a technical standpoint, MKR’s price was able to break above the $1,385 resistance level over the past couple of days, and continued to trade above this significant price point at press time. Should the altcoin close today’s daily candle above this mark, then it may attempt a challenge at the next resistance level soon.
In this scenario, MKR may try to flip the resistance level at $1,488 into support within the next 48 hours. Thereafter, a daily candle close above this barrier could form the foundation needed for MKR to continue to rise. Should this potential bullish momentum persist, the cryptocurrency’s value may climb to $1,605.
This bullish thesis could be invalidated if MKR closes a daily candle below $1,385 in the next 48 hours. In this bearish scenario, MKR may be at risk of falling to the key support level at $1,265 in the following couple of days.
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