MKR Price Rallies 122% in 2021, MakerDAO Updates Roadmap with AI Focus

• DeFi lender MakerDAO recently announced a token buyback program and roadmap updates, which has contributed to the MKR price surge.
• MKR’s price has gained by 122% since January 1 and is currently attempting to break through the $1,200 resistance level.
• MakerDAO’s roadmap includes plans to launch multiple sub-DAOs as well as AI tools and new tokens with updated features.

MKR Price Rises Following MakerDAO Announcements

DeFi lending platform MakerDAO recently announced its token buyback program and roadmap, which could have helped its native token MKR surge in July. The token has gained 122% since January 1, reaching a high near $1,195 before correcting. Bears are defending the $1,200 resistance level aggressively while bulls are trying to ensure that MKR consolidates above the $1,050 support level.

MakerDAO Roadmap Includes AI Platforms

MakerDAO shared a five-phase project called “Endgame” in May that included plans to launch six “Maker subDAOs” split between facilitator and allocator DAOs. Additionally, the firm would be launching several internal AI tools as well as funding open-source AI projects for further development of their platform. This move into the AI sector could have attracted buyers to the market and may have helped drive up MKR prices.

Token Buyback Also Helps Token Prices

In addition to MakerDAO’s roadmap announcements, their token buyback program could also have played a role in pushing up MKR prices. By buying back tokens from circulation, firms can reduce supply levels while increasing demand – both of which can help increase token prices over time if done correctly.

Bulls Attempting To Consolidate Above Support Level

At present, bulls are attempting to ensure that MKR is able to consolidate above the immediate support level at $1,050 before continuing its rally higher towards its resistance at $1,183. If successful in doing so, MKR may hit a target price close to $1,311 before correcting again due to it entering an overbought region on its daily timeframe chart according to its Relative Strength Index (RSI).

Bear Defending Resistance Aggressively

On the other hand bears are defending this resistance level aggressively against any attempts by MKR price make progress above it. If bears succeed in keeping prices below this mark then MKR might test support levels near 20-day EMA (red wave) and 50-day EMA (purple wave) support zone near $920 before recovering again.