Maker (MKR) Price Analysis: Dip Continues as Whales Dominate the Market

Maker (MKR) is the 47th most popular crypto, with a dominance of 0.08% in the crypto world. Recently, Maker price witnessed a dip.

Cryptocurrency Maker (MKR) has recently experienced a decline in its market value. According to data from CoinGecko, MKR's price faced a drop of 6.75% in the last 24 hours.

At press time, MKR was valued at $1,816, with a market cap of $1.77 Billion, ranking 47th among cryptocurrencies.

The total crypto market cap stood at $2.02 Trillion, indicating a 0.08% dominance of Maker in the crypto world.

Spot volume had seen a recent surge of 220%, now valued at $172.711 Million, and liquidity had also increased by 9.94% in the last 24 hours, presenting a good liquid present.

Breaking Down Maker (MKR) On-Chain Metrics

The daily active addresses were 536, which had seen growth from 283 addresses in a few days.

On-chain data showed that 54.41% of the crypto holders were in profit, which amounted to 52.39K addresses.

On the other hand, 34.85% or 33.56K addresses incurred losses, while 10.34K addresses were sitting at the money, indicating a state of no loss or profit.

The number of transactions also increased and reached 2.03K transactions, which was 675 a few days ago.

Moreover, the average time for which MKR was held before transfer was 1.3 years before it moved out of the wallets of addresses.

At press time, the concentration by large holders was 82%, in which Whales held 48.19% of the floating supply, and investors held 33.48%.

Meanwhile, total outflows in exchanges surged to $18.58 Million last week, but inflows were higher at $22.52 Million.

This difference led to a price decline for Maker (MKR) due to the sell-offs and accusations, ultimately resulting in a price dip in the last few days.

Highlighting Derivatives Data Analysis for Maker (MKR)

At a glance, the derivatives data showed explosive growth of 91.29% in the derivatives volume, which amounted to $239.66 Million.

This highlighted a surge in demand for assets in the derivatives market.

Meanwhile, current behavior this week in price has led MKR to heavy long liquidations at 621.87K, while shorts were $11.90K, indicating bear dominance in the MKR asset.

The assets OI had increased by a modest 1.3% in the last 24 hours of activity at the time of writing. This was valued at $100.45 Million.

Technical Chart Data for Maker (MKR)

On a daily timeframe, it was observed that the peak of $4075 was built after the bull run in the first quarter of 2024.

Thereon, the price had fallen into a wedge and has followed this downward channel for nearly the next two quarters of 2024.

If the downtrend persists, the channel could extend more by the end of the third quarter of 2024. However, to accelerate the fall, the bears need to overpower the $1850 level, which has proved sturdies in the long term.

Overall, the indicators depicted bearishness: 20-day, 50-day, and 200-day EMA were bearish; MACD was also in the bearish territory, and RSI was flashed at 39.02.

Therefore, the resistance levels were at $2091, and $2493, respectively. However, in case of further fall, the supports could be present at $1775, and $1567, respectively.

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