MakerDAO [MKR] suffers a fall in annualized fee income, thanks to SVB
, the DeFi token exchanged hands for as high as $956 in the early trading hours of 13 March.
However, as the week progressed, buying momentum dropped gradually, causing MKR’s price to initiate a downtrend. At press time, the token traded at $739.95, having shed 23% of its value since Monday. With waning buying pressure, MKR has traded within a tight range in the past two days. An assessment of its price on a daily chart revealed that it has oscillated within the $745 and $740 price range since 16 March.At press time, key momentum indicators rested below their respective neutral lines. For example, MKR’s Relative Strength Index and its Money Flow Index were both positioned at 44.88 and 45.80, respectively.
With the market trading sideways in the past few days, MKR traders have become increasingly skeptical of sudden price swings, and have, as a result, refused to intensify accumulation. Although the dynamic line of MKR’s Chaikin Money Flow was still in the positive territory at press time, in a downtrend position already, a further decline in positive sentiment will push the CMF below the center line. If this happens, it would mark the exit of liquidity needed to initiate any rally in MKR’s price.Subscribe to get it daily in your inbox.
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