A technical analysis indicator has suggested that the decentralized finance (DeFi) altcoin Maker (MKR) might be on the verge of a correction, as indicated by a popular crypto analyst. According to Trader Ali Martinez, who shared his insights on the social media platform X, MKR’s Tom DeMark (TD) sequential indicator has flashed a bearish signal on its 12-hour chart.
The TD Sequential Indicator is a tool used by traders to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles. Martinez warned his followers that Maker MKR could be gearing up for a pullback, given the sell signal on the 12-hour chart.
Currently trading at $1,441, MKR is ranked 85th in terms of crypto assets by market cap. While the altcoin has experienced a 1.5% drop in the past 24 hours, it has surged nearly 45% in the last seven days.
In addition to Maker, Martinez also shared his outlook on Sonic (S), which was previously known as Fantom. Speculating whether Sonic has completed a mini market cycle and entered the “anxiety” phase, Martinez highlighted the potential for market shifts in the near future.
Sonic is currently trading at $0.854 and is ranked 50th by market cap. While the altcoin has been trading sideways in the past day, it has seen a significant 56% increase in the past week.
Furthermore, Martinez pointed out that Ethereum (ETH) has been accumulating among crypto whales, with an additional 140,000 ETH acquired in the last 24 hours. At the time of writing, ETH is valued at $2,679.
Additionally, Martinez noted that deep-pocketed investors are showing interest in the payments altcoin XRP, having purchased over 20 million XRP in the last 24 hours. With XRP trading at $2.53 and experiencing a 5% decline in the past 24 hours, the altcoin remains a focal point for market activity.
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