Crypto analyst Ali Martinez is warning merchants {that a} red-hot Dogecoin (DOGE) rival may very well be in retailer for a correction.
The Solana-based (SOL) memecoin Bonk (BONK) is buying and selling at $0.000012 at time of writing, up a staggering 6,022% from the place it was priced at the start of 2023.
Martinez tells his 35,100 followers on the social media platform X that the asset’s Tom DeMark (TD) Sequential indicator introduced a purchase sign on its weekly chart earlier than it launched its bull run in October.
The TD Sequential indicator is utilized by merchants to foretell potential pattern reversals based mostly on the closing costs of the 13 earlier bars or candles.
Martinez notes that the indicator is now flashing the alternative, nevertheless.
“Now, the identical indicator is displaying a promote sign. This implies BONK is perhaps heading right into a correction interval lasting one to 4 weeks.”
The analyst additionally notes that Ethereum’s (ETH) TD Sequential indicator can also be flashing a promote sign on the asset’s three-day chart.
“If this sign is confirmed, it would arrange a first-rate shopping for alternative with ETH doubtlessly retracing to $2,150. This may very well be a key second earlier than a possible rally towards $3,500.”
ETH is buying and selling at $2,235 at time of writing.
Moreover, Martinez warns that BNB (BNB), the native utility token on the decentralized finance (DeFi) platform Binance Sensible Chain, is forming a descending triangle on its weekly chart. A descending triangle is usually thought of a bearish continuation sample.
Says the dealer,
“Look ahead to an in depth above $260 to verify a bullish BNB breakout. Till then, it is perhaps sensible to carry regular!”
BNB is buying and selling at $249 at time of writing.
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