As the cryptocurrency markets heat up, a well-liked trader is expressing optimism about a prominent memecoin.
On the social networking site X, Ali Martinez, a crypto expert, informs his 31,500 followers that Dogecoin (DOGE) is ready to begin rising in the near future.
The Tom DeMark (TD) Sequential indicator recently flashed a positive signal for DOGE, the analyst said. To indicate potential trend reversals, the TD indicator tracks a sequence of price points.
Is Dogecoin (DOGE) Poised for an Uptrend? Trader Insights,Is Dogecoin (DOGE) Poised for an Uptrend? Trader Insights
“Dogecoin is primed to launch a fresh upswing! On the DOGE weekly chart, the TD Sequential displayed a buy signal. An uptrend to $0.070 might occur with a consistent closure above $0.062.
As of this writing, Dogecoin is trading at $0.066.
The blockchain oracle network Chainlink (LINK) is the next in line. Martinez claims that there may be a price decline for Chainlink based on its Market Value to Realised Value (MVRV).
The MVRV may be used to predict market tops and bottoms by comparing the overall market capitalization of an asset to its realised value.
“According to data from [analytics platform] Santiment, LINK had a sharp correction each of the previous three times its 30-day MVRV exceeded 20%!
The fact that the 30-day LINK MVRV exceeded 20% lately indicates that a correction is likely to occur soon.
Martinez is also watching Axie Infinity (AXS), a game on the blockchain. The analyst thinks that AXS is poised for a rebound after establishing support at $4.
Axie Infinity is one of those cryptocurrencies that appears set to take off, with 98.67% of holders reporting they are “Out of the Money.”
Investors in AXS are shocked, the selling pressure has subsided, and a significant support floor was established at $4.
Is Dogecoin (DOGE) Poised for an Uptrend? Trader Insights,Is Dogecoin (DOGE) Poised for an Uptrend? Trader Insights,Is Dogecoin (DOGE) Poised for an Uptrend? Trader Insights, Dogecoin Crypto news, Dogecoin coin News