Altcoins News
By Julie Binoche
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Maker (MKR), the governance token behind MakerDAO, recently experienced a notable 5% dip in price—despite several seemingly bullish indicators.
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Following the project’s recent rebranding to SKY and the introduction of staking features, fresh capital appeared to enter the ecosystem.
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The staking of such a large amount of MKR from newly funded wallets is significant. It signals strong faith in the protocol’s future, likely with the intention of participating…
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Adding to the bullish outlook was MKR’s recent breakout above a major descending trendline on the weekly chart.
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However, despite these promising technical developments, the market didn’t immediately reward the move. Instead, MKR dipped 5%, accompanied by a 34% drop in trading volume.
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The bullish scenario remains intact as long as MKR holds above the breakout trendline. Should it fall below $1,500, the setup could be invalidated, and the asset might need to…
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On-chain data also supports a largely optimistic view. According to IntoTheBlock, nearly 60% of MKR holders are currently “In The Money,” meaning they’re holding at a profit.
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Currently, MKR is hovering near $1,751, a level where many investors are close to break-even.
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A look at the Spot Taker CVD (Cumulative Volume Delta) on CryptoQuant reveals a neutral sentiment in the spot market.
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So why did MKR dip, even as whales stake and charts signal a turnaround? In short, market sentiment and short-term profit-taking appear to be outweighing long-term optimism—for…
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For now, all eyes remain on the $1,500 support and $1,783 resistance zones. If MKR can stay above its breakout level and volume returns, the potential for a rally toward $2,435…
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