An analyst closely followed that the total market capitalization of the five largest stablecoins has reached heights that has never been seen before.
Crypto trader Ali Martinez tells Are 131,400 followers on the social media platform X that the top five dollars pegeted crypto assets per market capitalization have a total valuation of $ 204.7 billion.
The five largest stablecoins on the market include Tether’s USDT, Circle’s USDC, USDS, Ethena’s Usde and DAI, according to data from Coentecko.
A rising market capitalization of Stablecoin suggests more purchasing power on the sidelines. It can also suggest that investors unload their crypto assets in favor of dollar-pegged coins.
Looking at Ethena (ENA), a decentralized protocol that is designed to offer a crypto-based alternative to the traditional banking system, Martinez out The Altcoin blinks a bullish signal based on the sequential indicator of Tom Demark.
Traders use the TD sequential indicator to predict potential trend covers for tokens based on the final prices of their 13 previous bars or candles.
“Ethena Ena flashes bullish signals! A purchase signal of the TD -sequential indicator on the weekly graph, combined with a hammer candlestick for important support, suggests that a strong rebound can be for us. “
A hammer candlestick pattern is usually seen as a bullish reversing signal with the candle wick that indicates the question.
At the time of writing, Ena acts for $ 0.44.
The trader Adds that the decentralized Oracle Network Chainlink (link) and the Modular Blockchain Celestia (TIA) are also to show Signs of a potential rebound based on the TD sequential indicator.
At the time of writing, Link is worth $ 14.30 and TIA acts for $ 3.11.
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Featured image: Shutterstock/Natalia Siiatovskaia/Tithi Laadthong
