Maker [MKR] recently registered a promising uptick as its value increased by 7% in the last week. At press time, MKR was trading at $1,004 with a market capitalization of $959,766,006. Interestingly, MKR was also quite popular among the whales. MakerDAO was once again the most used smart contract among the top 500 Ethereum whales […]
Though these developments reflected on MKR’s chart, things might take a uTurn soon as a few on-chain metrics indicated that the good days for MRK might come to an end.Despite MKR’s recent gains and all the positive developments in the ecosystem, things might take a turn for the worse as CryptoQuant’srevealed that MKR’s Relative Strength Index was in an overbought position. This was a strong indication of a possible trend reversal in the coming days.
Additionally, despite registering an uptick, MKR’s Market Value to Realized Value ratio was quite down as compared to last week. This was yet another bearish signal, indicating a price drop. Interestingly, MKR’s development activity took a sideway route and was stagnant for a few weeks. This was by and large a negative signal for the blockchain.Contrary to the data give above, some metrics were also in favor of MKR and suggested a continued price surge.
However, the Money Flow Index and Chaikin Money Flow were resting near neutral positions, which might restrict MKR’s price from surging in the days to come.Subscribe to get it daily in your inbox.
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