- Maker DAO has a medium supply inflation of 4.21%.
- The price of the DAO was outperformed by 98% of the top 100 crypto assets in the last 1 year.
Maker DAO is a blockchain platform enabling the creation and management of DAOs. Founded by Christoph Zaknun and Giorgio Marciano, it offers token sales, governance solutions, and community engagement.
The $DAO token is used for governance, accessing services, staking rewards, and incentivizing community participation through Social Mining.
The Maker DAO crypto has witnessed a decline in traders’ engagement over the last 24 hours from press time as the value of the crypto’s traded volume has declined by 47%.
The liquidation for the crypto has also declined due to a decline in volume, resulting in only 3.6% of the market cap of the Maker DAO being traded in the last 24 hours.
Maker DAO Derivatives Witnesses Solid Bearish Dominance
Despite the decline in the spot activity of the crypto in the last 24 hours, there is a surge in the derivatives activity of the Maker DAO.
The derivatives trading volume for the Maker DAO crypto has advanced by 56% in the last 24 hours, which has resulted in a traded value of $603.62K.
The open interest in crypto has further advanced by 8.07%, and the short liquidation recorded for crypto is nil. Despite that, the long liquidation for the crypto is worth $1.06K.
DAO Crypto Technical Chart Analysis
A substantial decline in the trading price of the DAO crypto can be seen over a long time. It shows that the price is following a strong downtrend.
The price of the DAO crypto has declined by 70% from the swing high of $2.8 formed on 22nd March 2024. The crypto’s price is currently trading in a small zone, witnessing a lack of momentum and a decline in trading volume.
The price behavior assessment shows uncertainty and weakness in the crypto’s price.
DAO/USD Chart by TradingView
The 50-day and the 200-day EMAs are trading in a death crossover, and DAO crypto’s price is also below those EMAs. It shows that the overall trend of the crypto is bearish.
The MACD and the signal line have formed a bullish cross, while both metrics are trading in the negative territory. It shows uncertainty in the current trading trend of the crypto on a daily timeframe.
The RSI is following a bearish cycle. It hit the oversold zone a few days ago. Thus, the crypto’s momentum is bearish.
Summary
DAO token has seen a 70% price decline from its March 2024 high, with trading volume down 47%.
Despite increased derivatives activity, the overall trend is bearish, evidenced by a death cross in EMAs and a bearish RSI. Current market sentiment and technical indicators suggest continued weakness.
The crypto price has support levels of $0.20 and $0.50 on the lower side while if the price continues to advance to higher levels, it might face resistance at $1.45 and $2.80.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.