The stablecoin market is currently experiencing unprecedented growth, with the total market cap of the five largest stablecoins reaching a record high. According to renowned crypto trader Ali Martinez, the combined valuation of the top five dollar-pegged crypto assets stands at $204.7 billion.
These leading stablecoins include Tether’s USDT, Circle’s USDC, USDS, Ethena’s USDe, and DAI, as reported by CoinGecko. This surge in stablecoin market cap indicates a significant influx of buying power and suggests that investors may be shifting their focus towards dollar-pegged coins.
Taking a closer look at Ethena (ENA), a decentralized protocol aiming to provide an alternative to traditional banking systems, Martinez highlights a bullish signal based on the Tom DeMark Sequential indicator. This indicator is utilized by traders to forecast potential trend reversals based on previous closing prices of tokens.
Martinez emphasizes, “Ethena ENA is flashing bullish signals! A buy signal from the TD Sequential indicator on the weekly chart, combined with a hammer candlestick at key support, suggests a strong rebound could be ahead.” A hammer candlestick pattern typically signifies a bullish reversal, with the candle wick indicating demand. At the time of writing, ENA is trading at $0.44.
Additionally, Martinez notes that the decentralized oracle network Chainlink (LINK) and the modular blockchain Celestia (TIA) are also showing signs of a potential rebound based on the TD Sequential indicator. LINK is currently valued at $14.30, while TIA is trading at $3.11.
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