A closely followed trader expresses bullish sentiment on a leading memecoin as the crypto markets come alive.
The crypto analyst known as Ali Martinez tells With its 31,500 followers on the social media platform
According to the analyst, the Tom DeMark (TD) Sequential indicator just gave a bullish signal for DOGE. The TD indicator tracks a series of price points to indicate possible trend reversals.
says Martinez,
“Dogecoin seems ready to start a new uptrend! The TD Sequential presented a buy signal DOGE weekly chart. A sustained close above $0.062 could result in a rise towards $0.070.”
Dogecoin is trading at $0.066 at the time of writing.
Next up is the blockchain oracle network Chainlink (LINK). Martinez say that Chainlink’s Market Value to Realized Value (MVRV) indicates a possible price decline.
The MVRV compares an asset’s total market capitalization to its realized value and can be used to time the tops and bottoms of the market.
“Dates of [analytics platform] Santiment shows Chainlink MVRV 30-day surpassed 20% the last three times, LINK underwent a steep correction!
Note that LINK MVRV 30-day recently crossed 20%, indicating an impending correction.”
Martinez is also keeping an eye on the blockchain-based game Axie Infinity (AXS). According to the analyst, AXS seems willing to do so collection after managing to build support at $4.
“With 98.67% of AXS holders ‘Out of the Money’, Axie Infinity is one of those altcoins that looks ready to pop!
AXS investors are not buying it, the selling pressure has been exhausted and an important support floor has been created around $4.”
At the time of writing, AXS is worth $4.70.
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Generated image: Midjourney