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Maker, an early DeFi token that helped get the now unstoppable trend off the ground, has set a new all-time high in total value locked, just as the rest of the crypto takes a nosedive.
Although the trend across crypto has temporarily turned bearish, the altcoin token’s fundamental health continues to grow steadily, suggesting that when the short-term downtrend turns back around, the DeFi crypto asset will be ready to surge far higher. Technicals also point to more upside ahead, if current support levels can hold strong.
DeFi Dominance: Total Value Locked In Maker Sets Another New All-Time High
Maker is a DeFi token that enables holders to lend and borrow, much like many crypto assets in the same vein. This is just one of the many new ways crypto investors are making money passively through DeFi tokens like Maker and others.
These Ethereum-based ERC20 tokens unlock the future of decentralized finance and have helped pick the overall crypto market out from the clutches of bears.
Valuations have run amok all summer long, but since the fall months hit, cryptocurrencies have been following the lead of the leaves and are dropping one after another.
USD Total Value Locked In DeFi Token Maker | Source: BitDealer Via Twitter
But as valuations drop, the total value locked away in Maker has achieved yet another all-time high, showing strong fundamental health and continued, sustainable growth in the DeFi space.
The total USD locked away in Maker is nearing $2 billion, representing just under 20% of the overall TVL in DeFi.
Related Reading | Trader Warns Of “Capitulation Volume” And “Heavy Downside” Across DeFi
Maker is right behind Uniswap in terms of overall market dominance but enjoys the top spot over Aave when it comes to lending currently.
MKRUSD Head And Shoulders Targets Over $2K Per Crypto Token
Fundamentals present a strong case for continuation in Maker, but MKRUSD technicals are also backing up the idea of more upside ahead.
Massive Weekly Inverse Head and Shoulders Targets Over $2,000 | Source: MKRUSDT on TradingView.com
After a deep fall on Black Thursday along with nearly every other asset under the sun, Maker has formed more than two-thirds of a massive inverse head and shoulders chart pattern on weekly timeframes.
Related Reading | DeFi Overtakes Ethereum In The Media, Data Shows
The reversal pattern, if confirmed, has a target of over $2,000 per MKR token. At the rate that TVL is climbing, if prices can even partially catch up, the momentum to reach far higher could soon come.
Featured image from Deposit Photos, Charts from TradingView.com
