One indicator suggests that rallies are on the horizon for one Telegram-based gaming token, according to a popular crypto analyst.
Ali Martinez tells His 72,600 followers on the social media platform
NOT is a community token for the popular Telegram-based tap-to-earn mining game Notcoin.
says Martinez,
“Increased buying pressure could push NOT toward $0.012 to $0.014.”
If it is NOT trading at $0.000976 at the time of writing, a jump to $0.014 would mean a gain of over 40%. The 86th-ranked crypto asset by market capitalization is already up more than 13% in the past 24 hours.
Martinez too notes decentralized finance (DeFi) protocol Maker (MKR) appears to be forming an inverse head-and-shoulders pattern in the space of four hours. An inverted head-and-shoulders structure is typically considered a bullish reversal pattern because it indicates that buyers are no longer waiting for prices to revisit recent lows before taking action.
The analyst notes that the pattern points to a possible 12% breakout for MKR, which is trading at $1,700 at the time of writing. The 65th-ranked crypto asset by market capitalization is up more than 5% in the past 24 hours.
Conversely, Martinez notes that the Tom DeMark (TD) Sequential indicator presented a bearish signal on the daily chart for LINK, the native asset of the decentralized oracle network Chainlink. The signal indicates the possibility of a short correction.
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.
LINK is trading at $12.72 at the time of writing. The 17th-ranked crypto asset by market capitalization is up more than 1% in the past 24 hours.
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Generated image: Midjourney