Maker was launched for the first time on 25th November 2017, created by Rune Christensen and the Maker Foundation. It is an open-source project on the Ethereum blockchain. The coin is built on the Ethereum chain following ERC 20 token standards.
The spot volume for the crypto has advanced by 16.56% in the last 24 hours, resulting in 47.607M. It is followed up by a market cap of $1.246B of the crypto. The market cap has declined by 0.74% in the last 24 hours. The MKR crypto has a volume/market cap ratio of 3.82%.
The MKR crypto also has a TVL of $4.685B, leading to a market cap/TVL ratio of 0.266. The coin has a max supply of 1.005M MKR resulting in a total supply of 977.6K MKR. 97.22% of the max supply of Maker crypto is currently traded in the crypto market. The current market cap rank of the crypto is #40.
Maker Token Price Technical Analysis
The MKR coin price is following an uptrend breaking above the previous swing highs and is consistently advancing making new higher high levels. The coin is also making bullish candlesticks on the daily timeframe.
The 50-day and the 200-day EMAs are trading in a golden cross, following an uptrend in price. The price of the coin is trading above the EMAs and making higher highs. It represents the dominance of buyers in the market.
The RSI for the coin is trading above the overbought zones. It shows the presence of buyers in the market. The RSI is also trading above the 50 level.
Maker Derivative Volume Analysis
The volume activity in the maker coin has highly advanced and there is a lot of activity going on in the crypto. That represents the enhanced interest of traders in the coin.
Conclusion
The price of the Maker coin is trading in an uptrend, following a bullish trend. The EMA is also trading in an uptrend. MKR token’s RSI is also giving a bullish signal. Volume data also suggests a huge interest of the traders’ community in the token.
Therefore, an increase in price with an increase in volume suggests a reliable uptrend. It indicates that the price can lead to higher levels in the future.
Technical Levels
- Support levels for the Maker Coin are: 0.289 ETH and $0.615 ETH
- Resistance levels for the Maker Coin are: $0.882 ETH and $1.200 ETH
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/25/can-announcement-of-subdaos-lead-the-maker-crypto-to-new-highs/