Will Buying Momentum Lead to New Highs for the MKR Crypto?

• The Maker crypto price has significantly increased in the last few days.
• The MKR crypto has outperformed more than 85% of the top 100 cryptocurrencies in the last year.

MakerDAO is a decentralized organization that runs the Maker Protocol, a platform for creating stablecoins called Dai. MKR holders govern the protocol and its parameters. The Maker Foundation supports the project’s development and decentralization. MakerDAO was founded by Rune Christensen in 2015.

The Maker crypto has a relatively low supply inflation at -5.60% and it has a circulating supply of 922K MKR. This is 97% of the max supply as the max supply of the crypto is 1.005 Million MKR.

The market cap of the crypto is $1.838 Billion and its global ranking in terms of the market cap is #44 as per CoinMarketCap. The trading volume of the MKR crypto has increased by 11.5% in the last 24 hours, reaching $34.177M.

The volume/market cap ratio of the crypto is 1.93%  along with a TVL of $5.594 Billion. Moreover, the liquidity of the crypto is worth $140.83 Million and the annualized fees comes up to $172.3 Million.

The fully diluted market cap of the crypto is $2.003 Billion and the market cap dominance of the crypto is 0.11%. Additionally, the volatility of the crypto is medium at 4.97%, as per Coincodex.

Maker Crypto Derivatives Analysis

The derivatives trading volume of the MKR crypto has increased by 37% in the last 24 hours along with a small decline of 1.05% in the open interest. Furthermore, the crypto has witnessed a long liquidation of $55.90K.

The long/short ratio of the crypto is 0.9881 and the short liquidation for the crypto is worth $33.378K.

MKR Crypto Technical Analysis

The price of the MKR crypto has been forming a higher high pattern on the charts after a consistent decline in the price. The trend of the crypto has reversed to bullish and a higher low formation of the price structure can be seen on the charts. 

MKR/USD Chart by TradingView.com

The EMAs are showing bullish behavior on the chart as the 20, 50 and 200-day EMAs are forming a golden cross. The price of the crypto is also above all these EMAs. 

The MACD on the charts is also showing bullish behavior as the MACD and the signal lines are situated above the zero level. Despite this, these lines are forming a bearish cross, indicating a possibility of retracement in the price. 

The RSI is pointing to bullish momentum and is currently at 54.20 but it has declined below the 14-day SMA. Thus, if the RSI rebounds above the SMA, a further surge in the price might be seen.

Summary

Maker has shown strong growth and outperformed most of the top cryptocurrencies. The technical indicators suggest a bullish trend, but also some potential retracement. The Maker crypto could reach new highs if the buying momentum continues.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.