Points
- MKR has shown a nearly 18% surge in the last five days.
- The market cap of MKR stands at $2.246 billion, with significant trading volume growth.
- On-chain data shows 74.13% of MKR holders are in profit.
- Technical indicators signal potential for a breakout, with resistance at $2850 and $3250.
In the last five days, Maker （MKR） has experienced a bullish spell, displaying a nearly 18% surge on the daily. This highlights strong bullish momentum in the MKR market, attracting attention from investors and analysts alike.
Financial Data Overview
The market cap of MKR stands at $2.246 billion, surging 6.08%, and a massive 90.344% surge was seen in the 24-hour trading volume that amounts to $105.231 million. The volume surged 34.41%, while the market cap surged 6.71%. The ratio between the two indicators （Volume-to-market cap ratio） signifies moderate liquidity at 4.66%, and its 92.50% circulation is out in the public hands from the total supply of 977,631 MKR.
Price Primed for Gains, Find Out Why?
– – title start — Maker （MKR） Price Primed for Gains, Find Out Why? — title end —
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Points
- MKR has shown a nearly 18% surge in the last five days.
- The market cap of MKR stands at $2.246 billion, with significant trading volume growth.
- On-chain data shows 74.13% of MKR holders are in profit.
- Technical indicators signal potential for a breakout, with resistance at $2850 and $3250.
In the last five days, Maker （MKR） has experienced a bullish spell, displaying a nearly 18% surge on the daily. This highlights strong bullish momentum in the MKR market, attracting attention from investors and analysts alike.
Financial Data Overview
The market cap of MKR stands at $2.246 billion, surging 6.08%, and a massive 90.344% surge was seen in the 24-hour trading volume that amounts to $105.231 million. The volume surged 34.41%, while the market cap surged 6.71%. The ratio between the two indicators （Volume-to-market cap ratio） signifies moderate liquidity at 4.66%, and its 92.50% circulation is out in the public hands from the total supply of 977,631 MKR.
On-Chain Data Insights
On-chain data shows that 74.13% of the crypto holders are in profit, which is 70.87K addresses. Meanwhile, the crypto traders are at a loss of 22.38% （21.39K addresses）, while 3.34K addresses are sitting at the money. Similarly, the number of transactions has seen growth and has reached 1.28K transactions.
Likewise, in the broader picture, it was observed that 51% of transactions made in the crypto asset are from the East time zone. On the other hand, the West accounts for the remaining 49%. Also, the average time for which MKR was held before transfer was 15 months.
At press time, the crypto market intelligence platform intotheblock indicated that the concentration by large holders stands at 82%, and the 30-day price correlation with Bitcoin stands low at 0.26. Meanwhile, total outflows in exchanges have surged to $29.54 million last week. MKR’s holders’ composition by time shows that 81% of holders have held the crypto for over 12 months, while only 3% have held it for less than 1 month.
Derivatives Data Analysis
The derivatives data at a glance showcased explosive growth of 106.83% in the derivatives volume, which amounted to $117.48 million. Meanwhile, in MKR, 10.63% more contracts have been opened in the market in the past 24 hours, which makes a total OI amount of $98.89 million.
Moreover, from June 2024, the long liquidation was higher, and the shorts were weak in that period; this depicted the fall in MKR after touching 2024’s ATH price. Until July 5th, the longs were tremendously heavier than the shorts, but BTC showed sustenance on July 5th; the broader market reacted positively, and so did MKR.
Recently, in the past few days, the number of shorts has been advancing, and at the time of writing, the longs are less than the shorts, signifying a bullish presence in the market. The shorts amounted to $72.45K, while the longs were at $12.13K. Overall, this data illustrates that the bears had strong dominance earlier, but bulls have started to increase their ground and look primed for further price increases in coming sessions.
Technical Overview
On a daily time frame, MKR appears to have formed a falling wedge pattern and is approaching a key level for a breakout to prevail by surpassing the upper trendline. Suppose the MKR triggers a breakout from the falling wedge pattern, then it could aim to recapture lost territories, with resistance at $2850 and $3250. However, if MKR falls below the $2098.29 mark, bears could target the $1850 and $1650 marks.
MKR trades near the dynamic resistance bands of 200-day and 50-day EMAs. Meanwhile, the RSI flashed at 50.56, which has taken a jump from 14-SMA at 46.97, and MACD shows a growing histogram at 8.32, with a bullish cross.
Overall, the technical indicators signal the anticipation of a massive move coming in the MKR future sessions. MKR has experienced a bullish run of nearly 18% in the last 5 days, with technical indicators suggesting a potential price increase. Similarly, the market cap and trading volume have witnessed significant growth. Derivative data indicates a bullish presence in the market. On-chain data shows that 74% of holders are in profit. At last, resistance lies at $2850 and $3250, while on the flip conditions, the bears could target the supports at $1850 and $1650.
https://x.com/Cryptollica/status/1811437173461205497