MakerDAO (MKR) has shown resilience in the face of recent market declines, holding strong over the past week. Despite a drop in the overall crypto market, MKR has gained 2.01% in the 24 hours, raising questions about what factors are driving its success.
Analysts have pointed to transactions by whales and ongoing price fluctuations in the market, particularly with Bitcoin, as potential influences on MKR’s future performance. Some experts have even predicted a possible rally for MKR, with one analyst suggesting it could reach $4,000.
When examiningR’s fundamentals, charts indicate positive trends. The Money Flow Index (MFI) stands at 72, indicating that buying pressure outweighs selling pressure and suggesting an upward trend for the market. The Relative Strength Index (RSI)-based moving average also supports this with a value of 55 above the neutral level of 50.
Furthermore, the Chaikin Money Flow (CMF) indicator reveals a positive value of 0.15, indicating cash inflow into the market and potential buying pressure for MKR. Santiment data shows an MVRV ratio of 38.42%, meaning current investors are making significant profits compared to their initial investment.
As of now, MKR is being traded at $2,528 after experiencing a 3% drop in the past day. Its market cap stands at $2.34 billion while the trading volume over the last 24 hours has decreased by % to $90.6 million.
Please note that this article does not provide investment advice as cryptocurrencies carry high volatility and risk factors; investors should conduct their own research before making any decisions.