- MKR dipped by 32.58% over the past month.
- An analyst predicted a trend reversal, citing a bullish crossover of key indicators.
As a seasoned researcher with over a decade of experience in the cryptosphere, I have seen my fair share of market fluctuations and trends. The past month has been quite eventful for Maker [MKR], with its price dipping significantly despite the broader crypto market’s upswing.
Over the last month, while many cryptocurrencies have seen a notable surge, Maker (MKR) has taken a distinct turn. Instead of rising, this altcoin has shown a substantial drop in its pricing graphs.
Currently, Maker is being exchanged for approximately $1111, indicating a decrease of 32.58% in its value over the last month, and a fall of 6.14% over the previous week.
But market optimism had revived over the past day as MKR’s trading volume surged by 55.39%. This upswing has given MKR a sign of revival.
Amidst rekindled market enthusiasm, crypto experts found themselves in a flurry of activity. Ali Martinez, a well-known analyst, expressed on his platform (previously Twitter) that MKR appears to be demonstrating a bullish trend, based on the Stochastic RSI (Stochastic Relative Strength Index).
Analyzing market sentiment
Based on my analysis, I suggested that Maker’s TD sequential signaled a buy opportunity. This indicates that the existing trend has run its course, implying that the bearish phase is winding down and a surge in buying pressure is entering the market.
As a crypto investor, I’ve noticed that MKR’s Relative Strength Index (RSI) on the 3-day chart indicates it’s currently oversold. This situation often offers a buying opportunity, especially as investors seem to be scooping up the ‘dip’ in MKR.
The analyst examined StochRSI, suggesting it signaled an impending bullish trend, as the K line had intersected above the D line three days prior. This suggests a growing strength in the market’s uptrend.
Ultimately, Martinez presented a convincing argument for MKR, suggesting that the Moving Average Convergence Divergence (MACD) indicator was about to shift in a positive direction, indicating a potential bullish trend.
What MKR charts say…
According to Martinez’s analysis, there’s a favorable perspective on MKR. However, other indicators present a contrasting narrative.
For starters, Maker’s Daily Active Addresses have experienced a strong decline over the past week.
The number of active users using this cryptocurrency has significantly decreased from 916 to 388. This substantial drop suggests reduced interest in the altcoin, indicating that potential investors may be uncertain about its future prospects.
Additionally, Maker’s Exchange Supply Ratio experienced a sustained increase over the past month.
This suggested that investors are actively transferring their MKR tokens into exchanges and preparing to sell.
Reduced holdings among investors signal their indifference to the market.
This reduction in Maker’s Outflow volume provides additional proof. The number of MKR tokens leaving exchanges has dropped significantly, from 3,630 to just 463. This suggests that investors are not transferring their tokens to cold storage wallets in expectation of further price increases, as they may be holding onto them instead.
Read Maker’s [MKR] Price Prediction 2024–2025
Essentially, while Martinez observed a potential change in direction, the data from blockchain indicators indicates that the downward movement remains dominant. If this pattern persists, it’s possible that MKR may experience further drops before aiming for another upward trend.
Consequently, the value of this altcoin should stabilize around $1000. But if a turnaround happens, the price of Maker could climb up to $1250 in the near future.
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2024-10-29 17:44