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    Maker price could rally 27% as MKR leads transaction volume among RWA protocol tokens

    แหล่งที่มา Fxstreet
    18 ม.ค. 2567 21:20 น.
    • Maker price action rallied beginning on January 7 before intense profit-booking kicked in.
    • MKR has consolidated into a bullish flag pattern with a 27% target objective to the north.
    • The bullish thesis will be invalidated upon a daily candlestick close below the foot of the pole at $1,696.
    • IntoTheBlock indicates that MKR has recorded the highest transaction volume among peers in the RWA protocol.

    Maker (MKR) price has been on a downtrend since January 12 after a strong uptrend five days prior. The ongoing correction comes as investors book profits from the rally with the resultant technical formation precipitating a strong thrust north.

    Also Read: Maker whale transactions pick up pace in January, large wallets accumulate MKR

    MKR leads RWA protocol tokens in transaction volume metrics

    Data from the on-chain aggregator IntoTheBlock shows that MKR is the leading asset among Real-World Assets (RWAs) tokens on transaction volume metrics. It reached a daily average volume of $94.5 million during the second week of January.

    The market capitalization of RWA tokens is $2.16 billion on Thursday, representing a 5.2% drop in the last 24 hours. Among the tokens that feature in this classification include Avalanche (AVAX), Chainlink (LINK), Internet Computer (ICP), Synthetix (SNX) and Maple (MPL), among others, data on CoinMarketCap shows.

    While RWAs basically operate in the Traditional Finance (TradFi) space where regulations and middlemen are predominant, tokenization changes this. It brings the sector assets to the decentralized world. With this, it makes them a part of the ever-expanding decentralized finance (DeFi) ecosystem.

    Maker price outlook as MKR leads in transaction volume

    Meanwhile, Maker price has consolidated into a flag pattern, which is a reversal pattern that appears as a minor consolidation between impulsive legs of a trend. The continuation of the movement up can be measured by the size of the pole.

    If the bullish flag pattern is activated, Maker price could clear the range high at $2,266 before extending the climb 27% to $2,600, levels last tested in December 2021.

    The position of the Relative Strength Index (RSI) above 50 also points to a strong price strength, further accentuating the bullish scenario. Its position below the 70 level shows there was still more room north before MKR was considered overbought.

    MKR/USDT 1-day chart

    Nevertheless, the Moving Average Convergence Divergence (MACD) indicator is teasing with a sell signal, which could be activated once the MACD line, which is deviating lower, crosses below the signal line (orange band). 

    The histogram bars of the Awesome Oscillator (AO) are also flashing red to show the bears also have a presence in the MKR market.

    If profit-taking becomes the order of the day, Maker price could descend, slipping below the midline of the channel, with the bullish thesis being invalidated by a break and close below $1,696, which is the foot of the pole.  If this happens, the price could extend south, going as low as the $1,567 support.

    In a dire case, Maker price could fall into the consolidation phase between $1,280 and 1,567. Such a move would constitute a 20% fall below current levels.

    ข้อจำกัดความรับผิดชอบ: เพื่อการอ้างอิงเท่านั้น ผลการดำเนินงานในอดีตไม่ได้บ่งบอกถึงผลลัพธ์ในอนาคต
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