Despite recent market downturns, MakerDAO (MKR) has sustained robust performance over the past week, recording a 2.01% gain in the last 24 hours. This persistence of MKR’s growth amidst a broader crypto market decline has led to discussions regarding the underlying factors driving this resilience.
What Are Analysts Saying?
Crypto analytics firm IcryptoAI highlighted that Smart Money has significantly accumulated MKR in the past 24 hours, with a notable wallet holding 100.81 MKR valued at $256,860. Additionally, this wallet contains 1.59 thousand DMT, worth $144,930. Such whale transactions and continuous price volatility, especially in Bitcoin, have prompted analysts to consider MKR’s potential future trajectory. Access COINTURK FINANCE to get the latest financial and business news.
Crypto analyst @market maker has forecasted a possible rally to the $4,000 mark, noting the formation of a falling wedge and a test of horizontal resistance. A breakout could prompt a sharp rise towards this target, pointing to a bullish sentiment among investors.
How Do MKR’s Fundamentals Look?
Analyzing MKR’s charts, the Money Flow Index (MFI) stands at 72, indicating a higher buying pressure compared to selling pressure, suggesting an uptrend. The Relative Strength Index (RSI) based Moving Average (MA) shows a value of 55, above the neutral level of 50, reflecting increasing buying activity.
The Chaikin Money Flow (CMF) indicator also indicates positive cash inflow with a value of 0.15, pointing to potential buying pressure. According to Santiment data, MKR’s Market Value to Realized Value (MVRV) ratio is at 38.42%, implying that current investors are enjoying a 38.42% profit over their initial investment.
User-Usable Inferences
- Smart Money accumulation of MKR suggests confidence in its potential growth.
- A breakout from the falling wedge pattern might trigger a significant price rally.
- High MFI and positive CMF values indicate strong buying pressures.
- An MVRV ratio of 38.42% shows substantial profitability for current investors.
As of now, MKR is trading at $2,528, following a 3% drop in the last 24 hours. Its market capitalization is $2.34 billion, with a 24-hour trading volume of $90.6 million, reflecting a 40% decrease.