- DAI crypto has had 22 green trading days in the last 30 days.
- The price of the DAI does not trade with any fiat currency, which is pretty disappointing for investors.
Dai is a decentralized stablecoin on Ethereum, maintaining value against USD through collateral-backed reserves. It serves as a medium of exchange and store of value, enabling decentralized transactions and financial services.
Created by MakerDAO in 2017, Dai facilitates various uses such as international payments, remittances, and lending.
Over the past year, the price of the crypto has declined by 3%, and the price was outperformed by 82% of the top 100 crypto assets in the last 1 year.
The crypto price further is down by 72% from the all-time high price of $3.67. Moreover, an all-time high was recorded two years ago, while the all-time low price of the crypto was achieved on 11 March 2023.
The maximum supply of DAI crypto is infinite, and currently, there are 5.347B DAI crypto circulating in the crypto market. Also, the fully diluted market cap of the crypto is $5.348B.
The crypto trading volume has declined by 33% from press time, which shows a decline in the number of crypto traders. This further results in a traded value of $514.899M.
The market cap of the DAI crypto has been trading flat for the last 24 hours, starting with press time. Also, DAI is the 22nd largest cryptocurrency in the global crypto market. At the time of writing, the market cap value of the crypto is $5.348B.
The price volatility of the DAI crypto is medium, resulting in 4.73%, which indicates the stability in the price. This is because DAI is a stablecoin.
The liquidity of the crypto is very good, as 9.7% of the crypto market cap is recorded as traded volume.
DAI Crypto Technical Chart Overview
The technical chart of the DAI cryptocurrency indicates a prolonged period of price consolidation within a narrow range, interspersed with sporadic price spikes of uncertain origin.
Given its status as a stablecoin, the value of DAI is expected to remain tethered to this range, with any substantial deviations contingent upon significant developments within the USD ecosystem.
Summary
Despite 22 green trading days in the last 30, DAI crypto remains price range-bound, experiencing sporadic spikes. As a stablecoin, its value is closely tied to USD, disappointing investors seeking fiat pairing.
While serving various functions like international payments and lending, its stability suggests limited price movement unless impacted by significant USD events.
Technical Levels:
- Support levels: $0.0030 and $0.00460
- Resistance levels: $0.010 and $0.0130
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.