MKR/BTC seems to be forming an inverted head and shoulder, with an upwards potential of roughly 30% if it breaks out above the white resistance line.
From a fundamental perspective MKR seems undervalued compared to its peers in the Defi space, with a current market cap of roughly $1.5b, below most big Defi players despite the fact that it can be seen as the mother of all defi projects, a Market cap/TVL ratio of only 0.31 at the moment is extremely low in my opinion, even when looking at the fully diluted market cap it is only 0.35.
I am extremely bullish on MKR from todays price point. It has been going sideways for the past 2 weeks and is ripe for another big move to the upside.
From a fundamental perspective MKR seems undervalued compared to its peers in the Defi space, with a current market cap of roughly $1.5b, below most big Defi players despite the fact that it can be seen as the mother of all defi projects, a Market cap/TVL ratio of only 0.31 at the moment is extremely low in my opinion, even when looking at the fully diluted market cap it is only 0.35.
I am extremely bullish on MKR from todays price point. It has been going sideways for the past 2 weeks and is ripe for another big move to the upside.
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Posted updated below under "Related Ideas". Basically target has been reached but i remain bullish for fundamental reasons more than anything.
