Despite MakerDAO’s rebranding efforts to the Sky Ecosystem, the price of Maker (MKR) continues to face challenges, dropping by 44% in recent months. The token now sits at a crucial support level of $1,260, which it must hold to avoid further losses.
MakerDAO Rebrands to Sky Ecosystem
MakerDAO has been working on its rebranding to the Sky Ecosystem for over ten months. The goal is to overhaul its system and transition the Maker token (MKR) to Sky (SKY) and the Dai stablecoin to Sky USD (USDS). According to MakerDAO, one MKR token will be redeemable for 24,000 SKY tokens. The rebrand will roll out in four phases, including the Beta launch, Governance AI tools, and the final NewChain launch.
MKR Price Drops Despite Rebrand Hype
Even with the rebranding hype, MKR has struggled, dropping 44% in value, with its current price hovering around $1,493. The token has seen a steady downtrend since mid-August, breaking below the crucial $2,200 support level. Now, the price is approaching its next key support at $1,260.
Key Technical Levels for Maker
MKR’s key support lies at $1,260. If the price holds, there’s potential for a rebound that could push it back toward the $2,200 resistance. A break above this resistance could invalidate the current bearish trend, potentially leading to a rally above $3,000. However, if MKR falls below this support, the downtrend may deepen.
