Maker bears have emerged; time to exercise caution? – Crypto News – Crypto News
Connect with us
Maker bears have emerged; time to exercise caution? Maker bears have emerged; time to exercise caution?

Cryptocurrency

Maker bears have emerged; time to exercise caution? – Crypto News

Published

2 years ago

on


  • After a comfortable bull rally, MKR’s price dropped by over 6% in the last 24 hours.
  • Though sentiment remained positive, Maker’s market indicators were bearish.

maker [MKR] has witnessed a substantial increase in its value over the last seven days. However, the spree didn’t last long, as its 24-hour price chart turned red.

read Maker’s [MKR] Price Prediction 2023-24

Increasing selling pressure on Maker

Lookonchain’s July 21 tweet revealed that a wallet named a16z deposited MKR to Coinbase. The selling sentiment was also proven by CryptoQuant’s Data as MKR’s exchange reserve was increasing at press time.

Additionally, its net deposit on exchanges was also higher than the last seven days. The increase in selling pressure could have played a major role in turning the token’s price bearish.

as per CoinMarketCapMaker’s price declined by more than 6% over the last day. At press time, it was trading at $1,088.57 with a market cap of over $1 billion.

Surprisingly, despite the massive hike in MKR’s price last week, its supply held by top addresses registered a decline. Nevertheless, its total number of holders rose slightly.

Source: Santiment

Thanks to the price uptick, sentiment around MKR also turned positive, as evident from the rise in its weighted sentiment. Its social dominance also spiked quite a few times last week, reflecting its popularity.

Another positive metric was its MVRV Ratio, which has risen sharply in the last seven days.

Source: Santiment

Bears take over the market

Not only did CryptoQuant’s data reveal that MKR was under selling pressure, but it also pointed out that Maker’s Relative Strength Index (RSI) was in an overbought zone. This is a bearish signal, increasing the chances of a continued price downtrend.

Realistic or not, here’s MKR’s market cap in BTC’s terms

A look at its daily chart also gave a similar bearish sentiment. MKR’s Chaikin Money Flow (CMF) registered a downtick. Its Bollinger Bands revealed that after a bull rally, MKR‘s price entered a slightly less volatile zone.

Nevertheless, the 20-day Exponential Moving Average (EMA) was still above the 55-day EMA, which was bullish. Another bullish indicator was the Money Flow Index (MFI), which hovered above the neutral mark at the time of writing.

Source: TradingView

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending