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- 1 Maker Dao recently surpassed Lido in terms of treasury holdings but Lido is ahead in price.
- 2 MKR technical indicators are currently favoring a consolidated trend in price.It has observed a gain of 0.2% in the intraday session.
The cryptocurrency market has observed significant innovations, especially in the defi sector. Maker has emerged as one of the most prominent players in the defi sectors and also manages the stablecoin. DAI, the stablecoin which is managed by the Maker protocol maintains its stability through a collateralization mechanism. The primary collateralized assets of DAI are cryptocurrency. Maker Dao was created in 2015 by Rune and has seen strong gains since then. There are over 400+ apps that are currently integrated with the Maker platform. Meanwhile, the MKR has a TVL of $6.86 Billion which is down by more than 50% in the past few months as per Defilama. The revenue generated by the MAKER is currently consolidating but can see a rise in the future. Recently, Maker DAO has surpassed the treasury reserves of Lido but Lido has been seeing more gains than MKR.
Maker has a market cap of $613 Million and is ranked 67th in the CMC. Meanwhile, the active address of the Maker protocol has been seeing no significant surge. The V/M ratio of MKR suggests a consolidated trend in price.
Will MKR Price See An Upside Soon?
The weekly technical chart of Maker hints towards a bearish momentum in the price. On the daily chart, it is observing a consolidated trend in price. MKR’s price is currently trading near the value of $626 with a drop of 0.12% in the intraday session. The upside trend of MKR can see a halt near the value of $700. Meanwhile, the downside trend of Maker can see a halt near the value of $550. Maker is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the asset price to a new low.
The RSI of the Maker is near 38 with no slope in the indicator. The overall sentiment of the MKR hints towards a consolidated trend in price.
Summary
Maker DAO has observed a rise in treasury and surpassed Lido. MKR is currently observing a consolidated trend in price and can see a new high in the future.
Technical Levels
Major Support:$550
Major Resistance:$700
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
