On July 18, MakerDAO’s native token, MKR, the ongoing bull wave drove to mark its spot at a high of $1,043. However, this was followed by a retracement which caused the price of the token to chase new lows. With a price drop of 7% since July 18, MKR traded hands at $970.87 at the time of writing.

According to data from Holiness, during the closing hours of the trading week on July 22, a sudden spike in whale activity was observed for MKR. As a result, the number of whale transactions rose above $100k to a high of 14 transactions, representing the highest spike in the statistic since June 30.

What else has happened since July 18?

Price performance analysis

On July 18, MKR closed the trading day with a 10% price increase. However, the token’s stop above the $1,000 level was short-lived as it entered a downtrend on July 19. At the time of writing, the token was trading at $970.87, registering a 7% drop in price since its July 18 high.

After the July 18 high, increased trading activity for the XRP token followed. By July 19, the token’s trading volume had grown by more than 20%. However, as the bulls weakened over the next few days, the token’s trading volume also steadily declined. At the time of going to press, it was 133.07 million, a 65% drop over the past four days.

Source: Santiment

On a daily chart, the price of the MKR token has fallen 0.55% in the past 24 hours. However, buying pressure mounted as the token’s Relative Strength Index (RSI) was seen in an uptrend at 51.19.

The MKR is currently trading at January 2021 levels and is down 64% since hitting its all-time high of $6,339 on May 3, 2021.

Source: TradingView

Nothing was the same after July 18th

A look at other on-chain stats revealed a pattern of decline since July 18. For example, on July 18, a total of 131 new addresses were created on the MKR network, a growth of 36% compared to the 93 registered the day before. Over the next few days, however, this statistic fell by 22%. At the time of going to press, there were 121 new addresses on the network.

The number of unique addresses that transacted with the altcoin also followed a similar pattern of decline over the past four days. After the peak of 363 addresses on July 18, a 75% drop in daily active addresses has since been registered. This statistic stood at 88 addresses at the time of writing.

Source: Santiment

Finally, in the social field, the token has seen a decline in its social dominance and social volume. In the past four days, his social dominance has dropped by 5%. In the same period, social volume also fell by 87%.

Source: Santiment

This post MakerDAO at the mercy of bears as MKR dips below $1,000 in the past five days

was published first on https://ambcrypto.com/makerdao-stands-at-the-mercy-of-bears-as-mkr-slips-below-1000-in-the-last-five-days/


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