MakerDAO’s TVL plunged over the past week Its price suffered as well, declining drastically over the past few days MakerDAO [MKR] experienced a substantial drop in its total value locked over the last seven days. This is unusual, considering that its contemporaries mostly saw some upside in their TVL. Read Maker’s [MKR] Price Prediction 2023-24 MakerDAO’s […]
. The crypto token tanked by as much as 7% in the last three days to a press time price of $613. This decline put the token closer to its previous 2022 low of $581 in September.As far as MKR indicators are concerned, the RSI remained above the oversold zone. However, its MFI dropped into the oversold territory after registering sharp outflows.
There are a few factors that may help determine whether MKR’s demand will recover. For example, the amount of MKR locked in smart contracts witnessed a strong surge since the start of December. It only dropped slightly in the last three to five days, implying that there is still sizable demand from a utility point of view.Despite the upside in the supply of smart contracts, MKR has suffered in other aspects, especially those related to market demand.
However, there is one metric which may offer a clearer picture of MKR’s demand under the latest circumstances. MKR’s weighted sentiment experienced a surge in the first few days of the month. This suggested that investors were preparing for a rally. However, the bullish sentiment was quickly watered down and remains unimproved.A strong recovery is unlikely without at least a surge in weighted sentiment. Regardless, MKR, at press time was trading at a healthyRead the best crypto stories of the day in less than 5 minutes
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