MakerDAO (MKR) has demonstrated strong performance in the past week, despite the recent decline in the overall market. At the time of writing, MKR has gained 2.01% in the last 24 hours. This continuous rise during a crypto market downturn has sparked speculation about the factors driving this development.
Statements from the MKR Side
Regarding MKR, IcryptoAI made the following statement on X: Access NEWSLINKER to stay updated with the latest technology news.
Transactions by whales and ongoing price fluctuations in the market, particularly in Bitcoin, have led some crypto analysts to discuss MKR’s potential future. For instance, crypto analyst @market maker predicted a possible rally to the $4,000 level and stated:
What Do MKR Fundamentals Indicate?
Analyzing MKR’s charts, we observe that it had a Money Flow Index (MFI) value of 72 at the time of writing. An MFI value of 72 suggests that buying pressure is significantly higher than selling pressure, indicating a market uptrend.
On the other hand, MKR’s RSI-based MA shows a value of 55, which is above the neutral 50. This can be interpreted as an increase in purchases.
Furthermore, the Chaikin Money Flow (CMF) indicator, which is considered an important data provider for price changes in cryptocurrencies, indicates a positive 0.15. This signifies cash inflow into the market and potential buying pressure. According to Santiment data, MKR has a 38.42% MVRV Ratio reflected in the charts.
The existing MVRV ratio of 38.42% indicates that current investors are 38.42% in profit compared to their purchase values.
As of now, MKR’s price continues to attract buyers at $2,528 after a 3% drop in the last 24 hours. MKR’s market cap stands at $2.34 billion, while the 24-hour trading volume has experienced a 40% drop, reaching $90.6 million.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
