Maker Supply On Exchange Drops:Can It Trigger a Rally Beyond $3k
Maker Supply On Exchange Drops: Can It Trigger a Rally Beyond 3K
The supply on exchanges have dropped by nearly 14% a week indicating a short term supply imbalance.
The total number of holders has surged slightly from 100.6K to 100.9K in a week.
Maker seems to be taking a pause after registering six consecutive green days on the charts. The recent price rally added nearly 30% to its value rising from $2300 to $3000. Furthermore, the recent price surge validates a breakout of Maker from a correction phase.
Moreover, on-chain data highlights decreased supply on the exchanges which may trigger an imbalance in MKR. At the time of writing, Maker was hovering close to $2800 recording a swift intraday decline of 1.51%.
The recent sessions have observed a breakout from a strong resistance of $2600 which may now act as a support and the price may resume higher.
Maker (MKR) serves as the governance token for MakerDAO and the Maker Protocol. These are a decentralized organization and a software platform, respectively, both built on the Ethereum blockchain.
Maker Supply On Exchanges Drops
The supply of Maker (MKR) on exchanges has decreased by nearly 14% from its peak of 128.3K on July 9th. This reduction in the token's availability across exchange wallets is generally seen as a bullish indicator for its price, as it lowers the volume of tokens available for sale.
As of Today, the supply of Maker on exchanges has dropped to 111 K tokens. The reduced supply may trigger an imbalance in MKR price. According to data from Santiment, the total number of holders have surged from 100.6K to 100.9K in a month.
Furthermore, the intraday transaction volume has dropped by 41% to $96.35 Million along with a mild drop in the price. The volume to market cap ratio at 3.76% suggests low volatility.
Maker Price Technical Analysis
Maker is taking a pause after a strong 30% rally from $2300 to $3000. The most recent support lies near the $2670 which was the previous resistance. Now, if the bulls are able to maintain the price above the $2670 level then it could resume further gains beyond the $3000 level.
From a technical standpoint, MKR price now hovers comfortably above the key exponential moving averages of 20, 50 and 200 days suggesting a positive outlook in the short term as well as long term.
The key EMAs may act as a dynamic support for MKR price and the price may bounce back. At the time of writing, MACD lines as well as signal lines had crossed above the zero line indicating a short term bullish continuation.
Can Maker Surpass the $3000 level?
Maker (MKR) recently surged nearly 30% breaking out of a correction phase. Currently, it was hovering around $2800 after a 1.51% intraday decline. Moreover, On-chain data shows a 14% drop in MKR supply on exchanges, now at 111K tokens. The drop in the supply may turn out to be a bullish scenario for Maker and price may surpass $3000.
Furthermore, The number of holders increased from 100.6K to 100.9K. From a technical outlook, MKR hovers above key EMAs (20, 50, 200 days), suggesting a positive outlook. The technical indicators MACD lines indicate short-term bullish continuation
The supply on exchanges have dropped by nearly 14% a week indicating a short term supply imbalance.
The total number of holders has surged slightly from 100.6K to 100.9K in a week.
Maker seems to be taking a pause after registering six consecutive green days on the charts. The recent price rally added nearly 30% to its value rising from $2300 to $3000. Furthermore, the recent price surge validates a breakout of Maker from a correction phase.
Moreover, on-chain data highlights decreased supply on the exchanges which may trigger an imbalance in MKR. At the time of writing, Maker was hovering close to $2800 recording a swift intraday decline of 1.51%.
The recent sessions have observed a breakout from a strong resistance of $2600 which may now act as a support and the price may resume higher.
Maker (MKR) serves as the governance token for MakerDAO and the Maker Protocol. These are a decentralized organization and a software platform, respectively, both built on the Ethereum blockchain.
Maker Supply On Exchanges Drops
The supply of Maker (MKR) on exchanges has decreased by nearly 14% from its peak of 128.3K on July 9th. This reduction in the token's availability across exchange wallets is generally seen as a bullish indicator for its price, as it lowers the volume of tokens available for sale.
As of Today, the supply of Maker on exchanges has dropped to 111 K tokens. The reduced supply may trigger an imbalance in MKR price. According to data from Santiment, the total number of holders have surged from 100.6K to 100.9K in a month.
Furthermore, the intraday transaction volume has dropped by 41% to $96.35 Million along with a mild drop in the price. The volume to market cap ratio at 3.76% suggests low volatility.
Maker Price Technical Analysis
Maker is taking a pause after a strong 30% rally from $2300 to $3000. The most recent support lies near the $2670 which was the previous resistance. Now, if the bulls are able to maintain the price above the $2670 level then it could resume further gains beyond the $3000 level.
From a technical standpoint, MKR price now hovers comfortably above the key exponential moving averages of 20, 50 and 200 days suggesting a positive outlook in the short term as well as long term.
The key EMAs may act as a dynamic support for MKR price and the price may bounce back. At the time of writing, MACD lines as well as signal lines had crossed above the zero line indicating a short term bullish continuation.
Can Maker Surpass the $3000 level?
Maker (MKR) recently surged nearly 30% breaking out of a correction phase. Currently, it was hovering around $2800 after a 1.51% intraday decline. Moreover, On-chain data shows a 14% drop in MKR supply on exchanges, now at 111K tokens. The drop in the supply may turn out to be a bullish scenario for Maker and price may surpass $3000.
Furthermore, The number of holders increased from 100.6K to 100.9K. From a technical outlook, MKR hovers above key EMAs (20, 50, 200 days), suggesting a positive outlook. The technical indicators MACD lines indicate short-term bullish continuation
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