- The price of the cryptocurrency has decreased by 0.30% in the last 24 hours.
- Maker is a DAO-type category crypto.
MakerDAO, also known as Maker, is a form of decentralized smart contract. Created the DAI stablecoin and MKR tokens. MakerDAO received $27 million in 2017-2018 as venture capital funding. The Maker coin was launched on November 25, 2017 and is pegged to the ERC-20 blockchain token standard.
The Maker cryptocurrency is widely traded on the USDT pair, with a volume of 80.74% of the total crypto and is widely traded on three exchanges called Binance, Whitebit and HoubiPro. The cryptocurrency has 97 closed runs and 96 closed issues to date.
The current market capitalization of the cryptocurrency is $1.13 billion, with an advance of 2.36% in the last 24 hours and the spot trading volume also advanced by 20.03%, ranking 37th in the entire market of cryptocurrencies according to CoinMarketCap.
MKR Price Technical Analysis
Maker Coin has been steadily advancing from the lower levels and this advance in price led to the formation of a triangle pattern, the cryptocurrency has broken out of the same after an uptrend and is currently making higher highs.
In the weekly time frame, The market seems strong as it has broken above the 50-day exponential moving average and is currently receiving support from the same, this price action makes the crypto strong on the charts.
The RSI for the MKR cryptocurrency appears strong as it broke above the 14-day SMA line and also broke above the overbought zone, making the coin in an uptrend until the RSI value remains above the 50 level.
MKR General Analysis
Based on the net growth of the network, the signal value is 0.13%, indicating weakness in the market. Furthermore, there has been a large decline in large cryptocurrency transactions, resulting in a signal value of 6.14%, indicating a lack of significant activity in crypto.
Conclusion
The price of the cryptocurrency is trading in an uptrend advancing from a lower level. And by breaking out of the triangle pattern, the crypto also broke above the EMA. And the RSI is showing strong momentum on the cryptocurrency chart. Therefore, the cryptocurrency price may advance to higher levels in the coming days.
Technical Levels
- Support level: $47.00 and $61.50
- Resistance level: $94.50 and $113.00
Disclaimer
The views and opinions expressed by the author or any other person named in this article are for informational purposes only. And they do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies or stocks carries a risk of financial loss.
