The post MakerDAO revenues, fees hit fresh records – Good news for MKR? appeared on BitcoinEthereumNews.com.

MakerDAO monthly fees and revenues have surged to record highs, suggesting increasing network usage.  MKR’s weekly chart shows mixed signals as the altcoin traded within a falling broadening wedge pattern.  Maker [MKR], at press time, traded at $1,523 after a slight 0.58% drop in 24 hours. The token has failed to match the performance of top altcoins this year. In fact, its market capitalization has dropped from $3.66 billion recorded in April to the current $1.3 billion.  Despite the weak performance, the MakerDAO network recorded significant growth in December. According to DeFiLlama, monthly fees on the network have hit a fresh record of over $40 million, while monthly revenues have surpassed $26 million. Source: DeFiLlama If this growth continues, it could bode well for MKR’s price. However, the altcoin’s weekly chart shows mixed signals.  MKR price analysis  Maker has been trading within a falling, broadening wedge pattern on its weekly chart. This pattern often suggests that the selling pressure is weakening, setting the stage for a bullish reversal.  For MKR to recover from the bearish pressure, buyers need to enter the market. However, the Chaikin Money Flow (CMF), with a negative value of -0.11, shows that is yet to happen. In fact, the CMF has been oscillating in the negative region for five months, an indication that sellers have been in control of the price action. Source: TradingView The Awesome Oscillator (AO) also showed that the momentum remained bearish due to the negative histogram bars.  The upper boundary of the falling broadening wedge pattern is a strong resistance level. If MKR manages to break above this level as buyers gain strength, it could once again aim for the 2024 high above $4,000.  Analyzing key demand and supply zones  Maker’s demand zone lies at the $1,440-$1,480 price levels, where 2,530 addresses…

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Filed under: News - @ December 30, 2024 11:21 am