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- Maker Dao loaned amount has been stagnant from the past few weeks
- Technical indicators of MAKER are favoring a consolidated trend in price. It is up by 0.13% in the intraday session
Maker is a DAO built on the Ethereum blockchain which enables users to create and manage the stablecoin Dai. Dai is a stablecoin which is pegged to the US dollar and is designed to maintain a stable value.The ecosystem of protocol operates on smart contracts which are governed by token holders. They vote on various proposals and changes to the system. Maker generates DAI by locking other cryptocurrencies as a collateral. MKR has gained significant popularity among users and Defi space. Meanwhile,Dai has become one of the most widely used stablecoins in the DeFi ecosystem. Maker was created in 2015 by the entrepreneur named Rune. The utility of MKR in Defi space has taken a boom. The deposited and loaned amount of Maker has remained stagnant from the past few weeks. The TVL of MAKER has seen a slight decline and is near $7.491 Billion.It may see a surge in the near future.
Maker has a market cap of $679 Million and is ranked 67th in the cryptoverse. The volume of asset price has seen a drop of 36% in the past 24 hours. The volume to market cap ratio of MKR suggests a consolidated trend in price.
When Will MKR Stagnation End?
The weekly technical chart of Maker suggests a struggle between the bulls and bears.It has been in a consolidated trend in the past few days.On the daily chart,it is trading near the value of $696 with a drop of 1.02% in the intraday session. The upside trend of Maker can see a halt near the value of $800.Meanwhile,the downside trend of MKR can see a halt near $650.It is moving inside a demand zone in the daily chart. It is trading below the 50 and 100 Daily Moving Averages. There is a negative crossover in the DMA which can push the asset price to a new low.
The RSI of MKR is near 46 suggesting its presence in the oversold zone. There is an upside slope in the indicator hinting towards a weak bullish momentum.
Summary
Maker has seen an increase in the correlation with Ethereum in the past few days.MKR is currently in a consolidated trend but can move to a new high in future.
Technical Levels
Major Support:$650
Major Resistance:$800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
