- Maker (MKR) is currently trading at $736.428 with a rise of -1.33% in 24 hours.
- Maker (MKR)’s live market cap is $716,102,356.
- Maker (MKR)’s 24-hour volume is $21.18M which rose by 39.80% in 24 hours.
Introduction
On the Ethereum blockchain, Maker (MKR) is a cryptocurrency and a decentralised autonomous organisation (DAO). The MakerDAO ecosystem is intended to assist in the creation and control of the Dai (DAI) stablecoin.
Dai is a decentralized stablecoin whose value is fixed in the US dollar. This stability is achieved through an innovative system of smart contracts and collateralization. Users can create Dai by placing Ethereum-based assets as collateral, primarily Ether (ETH), into a smart contract known as a Collateralized Debt Position (CDP). The collateralization ratio assures that the collateral’s worth exceeds the value of Dai generated.
Trend Analysis
Based on previous price data, we can infer that Maker (MKR) is currently in a downtrend. Maker (MKR)’s price has fallen by 9.20% in the last three days, indicating that it is currently underperforming. Maker (MKR) peaked at $6354.81 almost two years ago and has since dropped by -91.08%. As it is understood, there are now no significant volumes available in coins which indicates there is a lack of buyers available due to the unfavorable market sentiments. This might be the cause of the coin’s underperformance.
Maker (MKR) Price Analysis
EMA: In the daily period, the price of Maker (MKR) is currently trading below both the 20-day EMA and the 50-day EMA, which is a negative sign. Maker(MKR) is the subject of bearish momentum and sell-side investor sentiment.
MACD: Moving Average Convergence Divergence is also indicating a bearishness and giving a negative signal in the weekly timeframe. The MACD line is at -34.455966 and the signal line is at -44.090264. Both of them are below the zero line, suggesting MACD is in the negative zone and will give bearish movement.
RSI: The RSI, a momentum oscillator, measures how rapidly and severely prices change. It oscillates between 0 and 100, with values above 70 indicating overbought conditions and below 30 indicating oversold ones. The current value of RSI is 49.66 and the 14 SMA line below the median line is near 44.89 which is indicating bearish momentum in the market.
Volume Analysis
The Maker (MKR) 24-hour trading volume is $21.18M with an increase of 39.80%, indicating an increase in market activity.
Technical Levels
Support – The current support level of the Maker (MKR) is $12.076.
Resistance –The current resistance level of the Maker (MKR) is $18.912.
Conclusion
The price of Maker (MKR) at this time shows uncertainty for the near future. Investors are not displaying any significant buying interest in the MKR currently, and indicators like the EMA and MACD are generating negative indications while the RSI indicator is giving neutral signals. This led to the rise of negative sentiment in the coin.
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss
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