MakerDAO (MKR) maintained its strong performance over the last 7 days despite market declines in the past 2 weeks. As of this writing, MKR gained 2.01% in the last 24 hours. MKR’s continuous rise amid the crypto market downturn has sparked speculation about the forces behind this development.
Statements from the MKR Side
Regarding MKR, IcryptoAI expressed the following on X:
$MKR topped the accumulation list by Smart Money in the last 24 hours. Currently, the wallet holds 100.81 $MKR (256,860 dollars). Additionally, the wallet contains 1.59 thousand $DMT (144,930 dollars).
Transactions by whales and ongoing price fluctuations in the market, particularly in Bitcoin, have led some crypto analysts to discuss MKR’s potential future.
For example, crypto analyst @market maker predicted a possible rally to the 4,000-dollar level and stated:
A falling wedge is forming and also testing horizontal resistance. A breakout expects a sharp rally towards 4000 dollars.
What Do MKR Fundamentals Indicate?
Looking at MKR’s charts, it had a Money Flow Index (MFI) value of 72 at the time of writing. The MFI value of 72 indicates that the buying pressure is much higher than the selling pressure, which can be associated with a market uptrend.
On the other hand, MKR’s RSI-based MA shows a value of 55 above the neutral 50, which can be interpreted as increasing purchases.
Additionally, the Chaikin Money Flow (CMF) indicator, considered an important data provider for price changes in cryptocurrencies, indicates a positive 0.15, meaning cash inflow into the market and potential buying pressure. According to Santiment data, MKR had a 38.42% MVRV Ratio reflected in the charts.
The existing MVRV ratio of 38.42% indicates that current investors are 38.42% in profit compared to their purchase values.
As of the time of writing, MKR’s price continues to find buyers at 2,528 dollars after a 3% drop in the last 24 hours. MKR’s market cap is 2.34 billion dollars, while the 24-hour trading volume stands at 90.6 million dollars after a 40% drop.
