As the cryptocurrency markets start to gain momentum, a renowned trader is expressing bullish sentiment towards a leading memecoin. Ali Martinez, a crypto analyst with a significant following on the social media platform X, believes that Dogecoin (DOGE) is ready to trend upwards.
Martinez points to the Tom DeMark (TD) Sequential indicator, which has recently flashed a bullish signal for DOGE. This technical indicator tracks a series of price points to identify possible trend reversals. According to Martinez, Dogecoin appears primed for a new uptrend, with the TD Sequential presenting a buy signal on the weekly chart. He suggests that if DOGE can sustain a close above $0.062, it could potentially experience an upswing to $0.070.
Currently, Dogecoin is trading at $0.066, indicating the potential for growth in the near future. To support his analysis, Martinez shares a chart highlighting the bullish signal from the TD Sequential indicator.
Moving on to another cryptocurrency, Martinez focuses on Chainlink (LINK) and its Market Value to Realized Value (MVRV). The MVRV metric compares an asset’s total market capitalization to its realized value and is often used to time market tops and bottoms. Martinez points out that historical data from analytics platform Santiment shows that the last three times Chainlink’s MVRV 30-day surpassed 20%, the cryptocurrency experienced a significant correction. Therefore, with LINK’s MVRV 30-day recently surpassing 20%, Martinez suggests that a correction may be imminent.
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Martinez also brings attention to Axie Infinity (AXS), a blockchain-based game, which he believes could be ready for a rally. He highlights that 98.67% of AXS holders are currently ‘Out of the Money,’ indicating a potential buying opportunity. Additionally, he notes that selling pressure seems to have exhausted, and an important support floor has been established around $4. With AXS priced at $4.70 at the time of writing, Martinez implies that there may be further room for growth.
To support his analysis on AXS, Martinez shares a chart displaying the current status of AXS holders and the support level at $4.
In conclusion, Ali Martinez, a widely followed crypto analyst, is expressing bullish sentiment towards Dogecoin, predicting a potential uptrend based on the TD Sequential indicator. However, he warns of a possible correction for Chainlink as indicated by its MVRV metric. On the other hand, Martinez suggests that Axie Infinity may be ready for a rally after establishing a support floor at $4. It is important to note, though, that these are technical analyses and investors should conduct their own research before making any investment decisions.
Furthermore, it is crucial for investors to exercise caution when trading cryptocurrencies as they are highly volatile and carry inherent risks. The content provided should not be considered investment advice, and investors should always conduct their due diligence and consult with a professional financial advisor before making any investment decisions.
