- MKR crypto has shown 62.04% positive returns in the year-to-date timeframe.
- A decrease of 36.63% has been observed in the Maker crypto price in the last 24 hours.
- Uniswap V3 and Binance hold higher liquidity with MKR/USDT and MKR/WETH cryptocurrency pairs.
Maker (MKR) is a decentralized organization and a software platform that allows users to issue and manage the DAO stablecoins. The native token MKR allows users to participate in protocol governance by providing voting rights. In March 2024, a noticeable change in price happened in the MKR crypto.
The investors and retailers jumped that month and surged the price value over 85%. However, April became a profit-booking month for initial profit securers, which also had a bearish effect on the current month.
Maker Crypto Performance May 2024, Supply Changes, & Valuation
The investors and retailers have shown their strong presence on March 9, 2024. They rallied the crypto price almost 90% to the $4077.16 resistance level. Despite the surge, the price faced adverse remarks from that resistance, which led to the breakdown of $2968.29. This reflected short-term bearish sentiments in the price.
The maximum supply of the Maker tokens is capped at 1.00 Billion, and the total diluted valuation is estimated at around $2.81 Billion. 927 Million MKR tokens are circulating in the market, holding the worth of $2.59 Billion. In terms of market cap, MKR ranks under the top 45 most dominant cryptocurrencies across the globe.
Price Volatility & Social Dominance Analysis
With an average social domination of 0.22%, Maker Crypto has shown that social buzz does not always work best for price growth. The social sentiments reflect the very least impact on price growth. Earlier this month, the price volatility reached higher, with a score of 0.09 reflecting the fear sentiments of users.
Technical Analysis of the Maker (MKR/USD) Crypto
![Maker](https://themarketperiodical.com/wp-content/uploads/2024/05/image-292-1024x472-2.webp)
The long-term outlook lies above the key exponential moving averages on the bullish side. The current price is moving between the 50-day and 200-day EMAs, indicating an uncertain short-term trend.
MKR price has faced resistance from the $4077.16 level and fell 40% to the $2457.82 decisional point of interest (POI). In recent sessions, the price formed several bullish candles from the $2651.04 demand zone, reflecting the buyers’ presence. The bearish movement is weakened in the current session, indicating a shift towards a bullish outlook.
Furthermore, the relative strength index (RSI) shows sideways price momentum in the current phase. That reflects a neutral perspective on the current price. The RSI is moving at 48.45 above the SMA line.
Summary
The long-term outlook of Maker Crypto has shown a bullish side. However, the price has faced resistance from the $4077.16 level. At present, the sellers are weakened in the market. The buyers are starting to take control of the price. It is performing in a minor symmetrical triangle pattern, which holds the possibility of an upper breakout.
Technical Levels
When writing, the immediate resistance for MKR was $3304.30, while the $2457.82 level is the next support. A price rise can be seen if the price breaks above the upper resistance. Similarly, the price may fall further if it closes below the mentioned support level.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.