maker [MKR] recently registered a promising increase as its value increased by 7% in the past week. At the time of writing, MKR was trading at $1,004 with a market cap of $959,766,006.
Interestingly enough, MKR was also quite popular among the whales. MakerDAO was again the most widely used smart contract in the top 500 Ethereum whales of the past 24 hours.
— WhaleStats (crypto whale tracking) (@WhaleStats) October 17, 2022
Here are AMBCryptos Price prediction for Maker [MKR] for 2023-24
Not only this, but MKR also registered an increase in terms of total value locked (TVL) lately. After falling over the past few months, the coin’s TVL has moved up and at the time of writing, valued at more than $7.7 billion.
️#MakerDAO – Digital currency that anyone can use anytime, anywhere.🪄
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— TokenHunter (@_TokenHunter) October 16, 2022
While these developments were reflected in the MKR chart, it could soon turn into a uTurn as a few on-chain stats indicated that the good days for MRK may be coming to an end.
A worrying scenario
Despite MKR’s recent gains and all the positive developments in the ecosystem, things could get worse if CryptoQuant’s data revealed that MKR’s Relative Strength Index (RSI) was in an overbought position. This was a strong indication of a possible trend reversal in the coming days.
In addition, MKR’s market value to realized value (MVRV) ratio, despite registering an increase, had fallen significantly compared to last week. This was another bearish signal, indicating a price decline. Interestingly, MKR’s development activity took a sideways route and stagnated for a few weeks. This was generally a negative signal for the blockchain.
Contrary to the data given above, some stats were also in favor of MKR and suggested a sustained price increase. For example, MKR’s Binance funding rate rose, signaling increased interest from the derivatives market. In addition, MKR outflows on the exchange also registered a spike, yet another positive sign as it signaled the buyers’ advantage in the market.
MKR’s price is deaf
Surprisingly, MKR’s Exponential Moving Average (EMA) Ribbon indicated that the bulls were ahead as the 20-day EMA was above the 55-day EMA. The Moving Average Convergence Divergence (MACD) revealed a similar story where bulls had the upper hand.
However, the Money Flow Index (MFI) and Chaikin Money Flow (CMF) were near neutral, which could hamper the price of MKR in the coming days.
This post The creator’s 7% gain can turn into losses if these MKR stats go the same route
was published first on https://ambcrypto.com/makers-7-gains-may-turn-to-losses-if-these-mkr-metrics-follow-the-same-route/