This post examines MKR/USDT retail price and volume movement from Jan-01 to Mar-05.
MKR (Maker DAO) started the year trading just above 500 USDT.
Moderate volume brought the price above 1000 USDT early in the second week of January.
Also in the second week, very high volume sold aggressively at 1100 USDT, then again at 1750 USDT.
The resistance at 1750 USDT was successful at driving the price back to 1250 USDT for the week.
In the third week, MKR traded sideways around 1500 USDT.
January closed with MKR remaining just under 1500 USDT.
February opened with a huge, low-volume drive up to 2500 USDT. Once the price reached 2200 USDT, substantial volume entered the markets but the buyers persisted.
During the second and third weeks of February, MKR traded sideways in a channel anywhere from 50 USDT to 250 USDT wide.
The final week of February saw MKR fall to 2000 USDT on weak volume.
March started with low volume trading just above 2000 USDT.
How to read this plot
This plot depicts the movement of MKR quoted in USDT, for the year 2021 to date. Data for MKR/USDT were collected from Huobi.
The width of the line is proportional to the volume traded during that period. Similarly, lighter colors correspond to higher volume.
The peaks and troughs have been identified. Peaks were connected to form channels containing most of the price action.
About Psychologica
People make the market. Psychologica publishes original research about people and markets.
This is not financial advice.
More Research from Psychologica
- SNX/USD Retail Market Structure: Q1 2021 so far
- Comparing UNI and SUSHI in the Ethereum Economy
- Comparing ADA and DOT in the Ethereum Economy
- BTC and ETH animated against USD
Questions and Comments
I look forward to your questions and comments.
