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MKRUSDT

MKR/USD WILL SURVIVE (LONG SET UP)BUY MKR/USD ENTRY $230 & ENTRY 2 $190 TP.1 $330 TP.2 $430 TP.3 $680 TP.4 $890 The MakerDAO (MKR) community has locked in an auction to cover a multi-million dollar hole in DAI collateral after the sudden Ethereum (ETH) price crash on March 12. Scheduled for 10:28 AM EST on March 19, the system will auction newly minted MKR in exchange for DAI. The proceeds from the sale will be used to recapitalize the system and compensate the losses suffered by the borrowers who saw their Ethereum collateral auctioned off for zero DAI. As the stablecoin powers many decentralized finance (DeFi) applications, the stability of Maker is paramount for the entire ecosystem. What happened to Maker? The emergency procedure became necessary following a combination of events that left some of the DAI undercollateralized. As previously reported by Cointelegraph, the high Ethereum gas fees, combined with the rapid price decline, wreaked havoc on MakerDAO’s systems. Maker’s Ether price feed oracle failed to update appropriately, and showed a higher price than the true market rate. A blog post by Maker Foundation further revealed that this delay helped some users escape liquidation by pouring in more ETH to the debt position. Analysis by the research organization, White Rabbit, found that the combination of wrong oracle feeds and high network congestion allowed four separate wallet addresses to place zero DAI bids for over 62,890 ETH (~$7.1 million). The bids were apparently made possible by what the analysts, and some community members, believe to be improperly configured “Keeper” software that is responsible for the auctions. The “lucky” bidders had seemingly modified their implementation to not “choke when gas prices skyrocket,” while their competitors with default implementations were left stranded by the Ethereum network. Other members went as far as speculating that the attack was premeditated.
BITFINEX:MKRUSDLong
by MavRich_Trading
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$MKR BTC Trend Analysis Binance’s research department noted a drop in Bitcoin (BTC) trading volume dominance from 40% to 27% in February. On the other hand, Ether price witnessed a 158.6% increase in its total monthly volume. This shows that the interest in altcoins is increasing and the researchers expect an alt season soon. Maker (MKR) also has just managed to remain in the green in the past seven days. The monthly transaction volume in Feb. made a new high of 4.5 billion Dai compared to the previous high made in November of last year, which was about 2.41 billion Dai, which is a bullish sign. Can this result in an up move? Let’s analyze the chart. The MKR/USD pair is currently trading just below the center of the $400-$800 range. This range has been in force for more than a year. The bulls purchase the drops to $400 while the bears defend the rallies to about $550 and above it at $800. Both moving averages are flat and the RSI is also close to the midpoint. This suggests a balance between buyers and sellers. As long as the price remains inside this range, the bulls can buy the dips to strong support levels and sell the rallies to strong overhead resistance levels. If the bulls can scale the pair above $800, a rally to $1,200 is possible. As the pair has been consolidating for more than a year, a breakout is likely to be strong and can exceed the upside targets. Therefore, the traders can buy after the price closes (UTC time) above $800. The trend will turn in favor of the bears if the price dips below $400 but we give it a low possibility of occurring. cointelegraph.com
Long
by akalayci34