- The MKR crypto is following a strong uptrend and is rising to higher levels.
- The circulating supply of the crypto is 91.34% of the total supply.
MakerDAO is a decentralized project on Ethereum that allows users to create a stablecoin called Dai. It is governed by MKR holders who vote on key parameters of the Maker Protocol. MakerDAO was created by Rune Christensen and the Maker Foundation.
This crypto asset has higher long liquidation as compared to short liquidation of $6.75K in the last 24 hours. The market cap of the crypto has declined by 7.47% in the last 24 hours. It decreased to $1.35 Billion, and there has been a decline of 16.18% in trading volume in the last 24 hours.
The volume/market cap ratio for the Maker crypto is 7.10% with a TVL of $5.49 Billion. It has a circulating supply of 918,471 MKR tokens, whereas the total supply is 977,631 MKR. The fully diluted market cap of the cryptocurrency is $1.478 Billion.
TVL vs Liquidity vs Revenue Of Maker
The various factors of the MKR crypto such as the token liquidity and the revenue of the crypto are consistently rising, as per the DefiLlama data. Despite this, the TVL has witnessed a decline. This could be a sign of the crypto community’s lack of interest in Maker.
MKR Crypto Technical Analysis
After forming lower highs for more than a year, MKR crypto price has hit its bottom and is currently again trying to recover to new highs. It is forming a higher high pattern and has increased by more than 150% from the recent lows.
MKR/USD Live Chart by TradingView
The MACD of the MKR crypto on the daily timeframe is giving a buy signal on the charts. The signal line and the MACD line both are forming a golden cross and have advanced above the zero level.
The MKR crypto is exhibiting a golden cross of the 50-day and the 200-day EMAs. Additionally, the crypto price is above the 20,50 and the 200-day EMAs. This behavior of the crypto shows that the price is gaining buying momentum.
Conclusion
MKR is following a bullish trend that has broken out of a long downtrend and is making higher highs on the chart. It is trading above the EMAs and the MACD is positive. Therefore, if the crypto price breaks above the previous swing high, it might advance to new highs.
Technical Levels:
- Support levels : $0.17576 and $3.5764
- Resistance levels :$12.5 and $20.07
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.