DAO Maker Price Jumps Nearly 90% – What’s Going On With the DeFi Token?
DAO Maker's price surged nearly 90% but has since pulled back, with on-chain data and technical indicators suggesting the rally may be unsustainable.Summary
DAO Maker (DAO) experienced a significant price increase of up to 88% on March 21st, reaching an intraday high of $0.0639 before retracing to $0.0505. However, analysis reveals potential signs that this rally may be exhausted. Whale wallets were observed selling into the spike, and the Chaikin Money Flow (CMF) indicator remained deeply negative throughout the rally, historically preceding sharp reversals in low-liquidity tokens. Specifically, wallets holding between 10,000,000 and 100,000,000 DAO coins reduced their holdings by approximately 7 million DAO during the price surge. The CMF, currently at -0.33, has been structurally deteriorating for months and did not turn positive during the price spike, indicating a lack of genuine demand. Technically, the price faces resistance at the 1.786 Fibonacci extension at $0.0591; a daily close above this level would confirm buyer strength, while failure to hold above the 1.236 Fibonacci level at $0.0495 could lead to further declines.
(Source：BeInCrypto)