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MakerDAO has dominated the decentralized finance (DeFi) industry for a while, with its stablecoin DAi and native coin MKR keeping the project afloat. Meanwhile, crypto intelligence network Messari trusts the company will generate substantial returns in 2024.
MakerDAO’s forecasted profits
Messari Crypto Thesis for 2024 shows Maker will likely reign the upcoming year with returns worth $105 million. The data provider cited possible 0.5% rate cuts by December 2024 and a probable 50% increase in DAI supply as robust catalysts.
Nonetheless, the predictions aren’t far-fetched, considering MakerDAO’s price-earnings (PE) ratio of 13.
The PE proportion is crucial in determining whether a business is undervalued or overvalued as it compares the enterprise’s share price to the firm’s earnings per share. A PE of below 20 makes Maker a lucrative investment.
Maker price outlook
The altcoin closed yesterday with a bullish note as it gained over 8% to overcome the $1,600 level before plunging beneath the crucial resistance zone at $1,566, which prevented MKR’s surges over the past three months. The alt lost over 4% in the previous day to hover at $1,543.31 during this publication.
Flipping $1,566 into reliable support could yield notable upticks for MKR into the coming year. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) support the optimistic narrative.
However, failure to overcome the hurdle could call for dips towards $1,500. That might open doors for further plunges to the 50d Exponential Moving Average at $1,400, canceling the bullish forecasts in the near term.
Nonetheless, MKR will likely be among the altcoins to flourish in 2024. MakerDAO achieving the predicted $105M profits will propel the token’s price to record highs.
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