- MKR’s network activity has increased.
- The tokens evaluated on the weekly chart showed that they are poised for further price rises.
So far, there has been a noticeable increase in the number of daily addresses executing transactions involving Maker (MKR) tokens, according to on-chain data from Santiment.
As of January 4, 610 addresses have completed transactions involving altcoins, a 3% increase from the 594 addresses recorded on January 1.
While the number of daily active addresses is increasing, MKR has also seen a corresponding rally in daily new demand. The daily number of new addresses created for alt transactions has increased by almost 5% since the beginning of the year, according to the data provider.
Source: Santiment
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For MKR, its market capitalization and price have risen 9% and 7% respectively over the past four days.
Source: Santiment
MKR on weekly chart
At press time, Alter was reportedly trading at $1,808. CoinMarketCap. The price movement assessed on the 7-day chart shows that there is steady demand for MKR and continued bullish sentiment in the market.
According to the Directional Movement Index (DMI) numbers, at the time of press, the positive directional index (green) was higher than the negative directional index (red).
When these lines are positioned in this way, it means that buying pressure is greater than selling pressure, indicating a potential upward trend.
The average directional index (yellow), which confirms the strength of the market trend, is found to be 35.86 at the time of writing. An ADX above 25 usually indicates a relatively strong trend. Therefore, the MKR market is trending in a clear direction.
Additionally, key momentum indicators, which are located near overbought territory at the time of this writing, indicate that buying activity is outpacing token selling. For example, MKR’s Relative Strength Index (RSI) was 71.46, while its Money Flow Index (MFI) was 68.50.
How much is 1,10,100 MKR worth today?
Likewise, the token’s Chaikin Money Flow (CMF) maintained an upward trend and remained above the zero line at press time.
The CMF value of 0.08 confirms the steady flow of liquidity into the MKR market, a trend known to push the asset price higher.
Source: TradingView