maker (MKR) recently stole the spotlight from all higher-cap cryptos as it showed commendable performance over the past week.
The altcoin saw the biggest gain in the past week as its value grew more than 17%, followed by Elrond and Polygon, which also rose 13.4% and 13.2%, respectively.
Top 100 @CoinMarketCap 7 days profit
🥇 Creator $MKR +14.8%
Elrond $EGLD +13.4%
🥉 Polygon $MATIC +13.2%
4. Convex Finance $CVX +12.8%
5. XRP $XRP +9.5%
6. Stellar $XLM +8.3%
7. Rights Reserved $RSR +7.8%#crypto #Cryptocurrency #CryptoNews pic.twitter.com/RZIW9EahYb
— Gokhshtein Media (@gokhshteinmedia) October 5, 2022
At the time of the press, MKR traded at $839.62. The excitement in the MKR holder community was evident as they had better trading days ahead of them.
However, despite the unprecedented surge in recent days, a look at Maker’s stats revealed a very different story.
The beginning of autumn?
Maker not only outperformed most of the major cryptos last week, but it made it onto the list of cryptos holding the top 500 Ethereum whales. This is another green flag for Maker as it represents the increased confidence of whales in the currency.
🐳 The top 500 #ETH whales are hopping
Whale standings 👇https://t.co/tgYTpOm5ws pic.twitter.com/cGik3ReuNn
— WhaleStats (crypto whale tracking) (@WhaleStats) October 5, 2022
Interestingly, in the midst of it all, Highlighter posted a tweet to provide more information about the proposals it received with the aim of diversifying MakerDAO’s revenue streams.
In recent months, the Maker community has seen multiple proposals to take initiatives to invest the stablecoins allocated to the PSM with the aim of diversifying MakerDAO’s revenue streams.
What are these proposals and how do they do it?
— Maker (@MakerDAO) October 4, 2022
Nevertheless, the tables may soon turn against MKR as on-chain stats point to the possibility of a trend reversal in the coming days.
For example, MKR’s MVRV ratio has registered a continuous rise in recent weeks, which could indicate a possible market top, leading to a price drop soon.
Here are AMBCryptos Price Forecast for Maker (MKR) for 2023-24
Even maker‘s volume also peaked last week, but then registered a decline, further increasing the likelihood of a decline. Social volume followed the same route, declining in the past seven days. It simply represents the diminished popularity of the alt in the crypto community.
In addition, CryptoQuant’s data revealed warning signs for: maker holders. The coin’s Relative Strength Index (RSI) and stochastics were in overbought positions, which could soon reflect on the MKR chart.
At the time of writing, Maker had already fallen by 0.51% in one hour. Therefore, taking into account all the above stats, investors should exercise caution before making any decision about Maker.
This post This could potentially end MKR .’s latest uptrend
was published first on https://ambcrypto.com/mkrs-latest-uptrend-might-come-to-an-end-because-of-this/