The cryptocurrency community has been paying close attention to MKR lately because of what MakerDAO’s multisign wallet can do. The amount of MKR that has been sent to different sites is $14.4 million. The price of MKR fell against ETH at the same time as all of these trades.
The multisign wallet is used by Binance, Coinbase, and Kraken. It is an important part of handling group assets and needs more than one key to access. But because of these trades, MKR’s value has been slowly going down while Ethereum’s value has been going up.
MKR Down 3.84%, Ethereum Up 1.48%
MKR is now worth $2,952, which is 3.84% less than it was 24 hours ago. However, Ethereum’s value has grown by 1.48% and now stands at $3,216. This difference shows that MKR and its usually linked cousin are moving farther apart.
There are still a lot of Maker tokens in the multisign wallet—21,928—so more trades may be coming up, which could keep the price of MKR going down. Predictions say that the price could fall below $2,800, but this could cause the value of the token to rise.
The Market Value to Realized Value Ratio (MVRV) analysis shows a bright future. The 30-day MVRV ratio, which is -15.19%, is in line with past patterns, which means prices are about to go up again. If the past happens again, MKR could rise to $3,545 in the next few weeks.
The fact that the one-day Realized Cap is now at $9.23 million makes people feel even better about things. It means that gains from older tokens have already been recognized, and Maker may be worth less than its transaction history shows.
If you look at it technically, the Relative Strength Index (RSI) is going down, which means the price might go down. But if the RSI number falls below 30.00, it could mean that a recovery is about to begin. In the short to middle term, the 0.786 Fibonacci indicator says the price will go up to $3,740.
A word of caution, though, the Money Flow Index (MFI) shows that money is leaving the Maker, which could be bad in the short term.
