Price Analysis

DAI—Being Stable in Nature is Trading with No Extremities

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DAI—a centralized and collaterally backed crypto on the Maker’s protocol is now one of the most lucrative investments amongst the market’s top 50 cryptos. In this regard, it was just two days back when Maker Foundation held an Internal Hackathon to come up with great new solutions for Dai.

After the first successful hackathon in June, the second was mainly aimed at building creative new solutions for the MakerDAO project. Moreover, DAI is amongst the top 50 in the global market and is still holding a massive market cap of around $450 million as it trades around $1.015.

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DAI Price News
DAI/USD Chart By TradingView

Dai—a remunerative stable coin is launched by MakerDAO and is pegged to the US Dollar, holding a flat momentum, in this regard. And with this, we will see all the possible price changes around $1, and it currently trades at $1.015. Having pegged by US Dollar, DAI/USD price trend exhibits a few intermittent bullish candlewick spikes in March and the recent one with the highest at $1.10.

Due to intraday pullbacks, the DAI coin has lost support from 50-day daily MA while retains support from 200-day daily MA at $1.0135. The 20-day Bollinger Bands do not show any trading extremities due to its own nature of being stable and holding an approximate value of around 1 USD. The MACD indicator holds a bullish crossover due after a positive sentiment. The RSI of the coin holds no extremities and lies at 51.66.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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