- The price of crypto has declined by 0.30% in the last 24 hours.
- Maker is a DAO-type category crypto.
MakerDAO, also known as Maker is a decentralized smart contract form. It created DAI stablecoin and MKR tokens. MakerDAO received $27M in 2017-2018 as venture capital funding. The Maker coin was launched on 25th November 2017 and is linked to ERC-20 blockchain token standard.
The Maker crypto is highly traded in USDT pair carrying a volume of 80.74% of the total crypto and is widely traded on three exchanges named Binance, Whitebit, and HoubiPro. The crypto has 97 closed pulls and 96 closed issues to date.
The current market cap of the crypto is $1.13B advanced by 2.36% in the last 24 hours and the spot trading volume has also advanced by 20.03% ranking #37 throughout the crypto market as per CoinMarketCap.
MKR Price Technical Analysis
Maker coin has been consistently advancing from the lower levels and this advance in price led to the formation of a triangle pattern, the crypto has broken out above the same following an uptrend and is currently making higher highs.
On the weekly time frame, the market looks strong as it has broken above the 50-day Exponential moving average and is currently taking support at the same, this behavior of the price makes the crypto strong on charts.
The RSI for the MKR crypto looks strong as it has broken above the 14-day SMA line and has also broken out above the overbought zone, this makes the coin bullish in trend till the RSI value sustains above the 50-level.
MKR Overview Analysis
Based upon the net network growth the signal value is 0.13% which indicates weakness in the market also there has been a huge decline in the large transactions of the crypto resulting in a signal value of 6.14%, which indicates a lack of significant activity in the crypto.
Conclusion
The price of the crypto is trading in an uptrend advancing from a lower level. And breaking out above the triangle pattern, the crypto has also broken out above the EMA. And the RSI is showing a strong momentum in the chart of the crypto. Therefore, the price of the crypto can advance to higher levels in the upcoming days.
Technical Levels
- Support Level: $47.00 and $61.50
- Resistance Level: $94.50 and $113.00
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only. And do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.