This post is the result of two of us: @mrbullishsail and myself.



This week we skipped voting post for TA (sorry for that) and decided to make this one, since a lot of dust is rising lately around MakerDAO. And this is the project that is truly worth some attention and research.







Basic info:



Lot of exchanges: HitBTC, Kyber Network, Coinbase Pro,DDEX,Exmo,KuCoin,Bittrex,Switcheo Network and Upbit



ATH (All time high) and ATL (All time low) varied between $1.04 and $0.972164.



CMC (CoinMarketCap) rating: 2034



Platform: Ethereum







About project:

This post is made to show DAI in numbers. But some short info about project are listed in next sentences.

It is more than obvious that the current financial system is on a verge of the cliff for a long time now. And it is also more than obvious that DeFi has a setup that shows as a new trend in financial system. And MakerDAO showed at the right moment as a project that could bring some fresh and innovative solution to ordinary people who are sick of existing financial system. Banks have been functioning for so long and with one side benefit only because there were no other options. People were forced to accept conditions even most of them were aware of the downsides. When you have no options-you take what is offered…

DAI is completely decentralized stable coin. Decentralization by itself is a huge step forward and if we add stability, it is a great combo - it removes markjet violence from equation. DAI has all options available, it can be sent among users, it can be used for payments and it can be used as savings.

To make this more clear, here is the short explanation of terms used in this project:



CDP - CDP is a shortcut from Collateralized Debt Position. It is unique smart contract. CDP holds collateral assets deposited by a user and gives permission to the same user to generate DAI.



collateral asset = digital asset. User deposit collateral assets.



It took me to read it several times, but at the end, this is the scheme I have in my head for this project and how it functions:

More detailed explanations can be found on their official web (link at the end of the post). MakerDAO has a quality page with a lot info about everything you need to know about this project, and even more.





DAI in numbers:





Volume and exchanges:

95.5% of the volume is made on 4 exchanges in different pairs. HitBTC is the leader in this group with option for trading DAI in pair with ETH, BTC, USDT and EOS (aligned according to dropping volume). Price variance between leading exchanges for DAI is extremely low, approximately 0,01.





2. Volume in ETH and exchanges:





Volume trading on top exchanges with ETH pair is $1,441,398.00 $. On CMC listed are 33 options for exchanges and pairs, but in this view some low volumes are removed to get a more realistic picture picture. If compared with Volume in BTC, there is significant difference that goes in favor of ETH pair.









3.Volume in BTC and exchanges:

To confirm former conclusion, only approximately 14.5% of volume is made in BTC pair. Which is around $304,251.00.





HitBTC exchange offers most options, and besides usual BTC and ETH, there is an option for those who accidentally have some XRP and want to get rid of those :) XRP pair is also available, with not so low volume: $1,944. Also an interesting option on the same exchange is NEO pair, with volume $462.





MakerDAO on Uptrennd:

If you have not already, check interesting interview on Uptrennd here. Gustav Arentoft from MakerDAO and Jeff from Uptrennd in interesting discussion :)





Technical analysis - DAI









DAI seen from the temporality of 1W we can see how the structure of candles is forming a pattern of SHS as a bass signal, in the minor figure shown in the chart above through the diagonals dark blue and red color we can see how the price has not managed to overcome the resistance located at 0.00015082, indicated inside the above graphic by the horizontal black color, I have marked by means of the green and red arrows the zones where the horizontal has worked as support and resistance previously turning it into an important point to take into account during the movement, if the price does not manage to surpass this point and to take it as support we should see a retrocession towards the diagonal red color that forms us a new HL to try to go in search of the break of the 0.00015082, if the price breaks the support in diagonal red, we could see a greater backward movement towards the neck line indicated inside the chart by means of the greater diagonal of dark blue color that we see below.









DAI seen from the temporality of 1D we can observe more closely the current movement of candles where we see how the fatigue of the movement has increased in the current series of candles, the count indicates that we will have a correction that should reach the support in diagonal, indicated within the chart above by the diagonal red color, if this happens we would have a double floor that should push the price towards the weekly offer located at 0.00018809, the daily demand I have also pointed within the chart above, which is located within the price range of 0.00010464 - 0.00011564, if the price closes below this zone, we could have a new LL below the weekly demand located at 0.00008603.









DAI with its pair in ETH seen from the temporality of 1W we have 2 possible scenarios, the bullish scenario raises us as the first HL corresponding to the correction wave number 2 located at 0.00321866 where the price has managed to obtain a strong bullish impulse towards the weekly supply zone located at 0.00763306, indicated inside the graph above by the horizontal black color, if the price manages to close above that level and grab it as support we could see a test of the high range in search of its break, if we get it we will see a new HH, indicated in the graph above by the impulse wave number 3 followed by the correction wave number 4 as a throwback to the support to continue with the last impulse wave, for this scenario to be complete we need the price at all times maintain the support diagonally indicated within the chart above by the diagonal red color.













Useful links (and sources for this post):































