• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Maker (MKR) Network Activity Explodes While Prices Face Stiff Resistance Ahead

Maker seems bound for a further upward advance based on different on-chain metrics.

Ali Martinez by Ali Martinez
7 months ago
in Technical analysis
Reading Time: 3min read
Maker (MKR) Network Activity Explodes While Prices Face Stiff Resistance Ahead

Crowd wathcing fireworks and celebrating

Advertisement

In a recent blog post, the world’s largest cryptocurrency exchange by trading volume Binance revealed that it was going to list Maker on its retail trading platform. Since July 23, users are able to deposit and trade the DeFi Token in their respective accounts. 

MKR was listed against Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD), and Tether (USDT) expanding market access for millions of retail investors. 

Following the announcement, Maker went through a substantial bullish impulse that saw it rise over 23%. The price of this altcoin went from trading around $488 to reach a high of $600. Although MKR has lost some of the gains recently incurred, there was a major spike in network activity that suggests this cryptocurrency is poised to advance further. 

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Maker US dollar price chart

Marker Rises Over 23% to a High of $600. (Source: TradingView)

Maker’s Network Activity Explodes

IntoTheBlock registered a massive spike in the number of transactions on Maker’s network after the recent addition into Binance. One day before the listing, the number of transactions on the network was hovering around 800 transactions. However, the activity on the protocol skyrocketed to over 3,300 transactions on July 23, representing a 313% increase in only one day. 

The total value transferred also shot up. Data reveals that transaction volume within this period surge by 7.7x to hit a monthly high of 85,220 MKR. 

Maker's Network Activity Skyrockets. (Source: IntoTheBlock)

Along the same lines, Maker’s on-chain and social volume, as well as daily active addresses, have increased significantly over the past two days. Santiment, a behavior analytics platform, maintains that these gauges are a “great triple thread to track” in order to determine whether or not a given cryptocurrency is poised for a further advance.

After Binance announced it would add support for MKR, these metrics started trending up. On-chain volume and daily active addresses surged to levels not seen since early June, while social volume reached a three-months high. 

Maker's On-Chain Metrics Are on the Rise. (Source: Santiment)

These positive movements may soon be reflected in the price of Maker, but there is a significant supply barrier ahead that it must overcome.

Stiff Resistance Ahead 

IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals that for Marker to resume its uptrend, it must turn the $531-$546 resistance level into support. Doing so may no be as easy since 1,330 addresses had previously purchased 112,500 MKR around this price level. 

This supply wall may have the ability to hold against any upward pressure because holders within this range would likely try to break even in the event of an upswing. Moving past it, however, increases the odds for the DeFi token to bounce back to $600 or higher. 

Maker Faces Strong Resistance Ahead. (Source: IntoTheBlock)

On the flip side, the IOMAP cohorts show the $506 support level could hold in the event of a correction. Here, nearly 1,100 addresses bought over more than 66,000 MKR.

Featured Image by Depositphotos
Price tags: mkrusd, mkrbtc
Chart from TradingView.com
Tags: makerMKRMKRBTCMKRUSDMKRUSDT
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Ali Martinez

Ali Martinez

Ali began forex trading in 2012. In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin. Now, he is a content producer for some of the leading media outlets in the cryptocurrency industry.

Related Posts

bitcoin dominance btc.d altcoins liftoff

Prepare For Liftoff: Bitcoin Loses Bear Market Trendline Against Altcoins

19 mins ago
Ethereum

TA: Ethereum Dives Below $1,500, Why Bulls Are Losing Control

15 hours ago
Bitcoin

TA: Bitcoin Price Back Below 100 SMA, Why BTC Could Retest $45K

17 hours ago
bitcoin cheat sheet

Bitcoin “Cheat Sheet” Calls For Next Leg Up To $77K

19 hours ago
bitcoin bloomberg march

Bloomberg Chief Analyst Says Bitcoin Could “March To $100,000” From Here

1 day ago
Ethereum

TA: Ethereum Struggles Above $1,600, Why 100 SMA Is The Key

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

EcoCelium is Now Live – Ready to Mark the Next Step in DeFi

March 5, 2021

MXC Exchange Commits to Integrating USDC-SPL on Solana

March 5, 2021

Gambling Exhibition Ukrainian Gaming Week 2021: A Range of Products From Exhibiting Companies, an up-to-Date Program and a Special Offer

March 5, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.