A technical analysis indicator suggests the decentralized finance (DeFi) altcoin Maker (MKR) could be poised for a correction, according to a popular crypto analyst.
Trader Ali Martinez tells his 128,100 followers on the social media platform X that MKR’s Tom DeMark (TD) sequential indicator flashed a bearish signal on its 12-hour chart.
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.
“Maker MKR could be gearing up for a pullback, as the TD Sequential indicator flashes a sell signal on the 12-hour chart!”
MKR is trading at $1,441 at time of writing. The 85th-ranked crypto asset by market cap is down nearly 1.5% in the past 24 hours but is up nearly 45% in the past seven days.
Martinez also shares his outlook on the newly rebranded layer-1 blockchain Sonic (S), which was previously known as Fantom.
“I wonder if Sonic has just completed a mini market cycle and is now entering the ‘anxiety’ phase.”
S is trading at $0.854 at time of writing. The 50th-ranked crypto asset by market cap has been trading sideways in the past day but is up nearly 56% in the past week.
Martinez also notes that crypto whales have been accumulating Ethereum (ETH).
“Whales have accumulated another 140,000 Ethereum ETH in the [24 hours]!”
At time of writing, ETH is worth $2,679.
The trader also says deep-pocketed investors are gobbling up the payments altcoin XRP.
“Whales bought over 20 million XRP in the [24 hours]!”
XRP is trading at $2.53 at time of writing and is down more than 5% in the past 24 hours.
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Generated Image: Midjourney
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