Crypto analyst Ali Martinez is warning about a potential downturn for the Maker (MKR) cryptocurrency. Using a technical indicator called the Tom DeMark (TD) Sequential, he’s flagged a possible sell signal.
MKR’s Potential Pullback
Martinez, who boasts a large following on X (formerly Twitter), points to the 12-hour chart showing a bearish signal from the TD Sequential indicator. This indicator often predicts price reversals by analyzing closing prices over a 13-period timeframe. He believes this suggests MKR, currently trading around $1,441, could be headed for a correction. While MKR is up almost 45% over the past week, it’s currently down slightly in the last 24 hours.
Other Crypto Market Observations
Martinez also shared his thoughts on other cryptocurrencies:
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Sonic (S):
He speculates that the newly rebranded Sonic (formerly Fantom), currently trading at $0.854, might be entering a period of market uncertainty after a recent price surge. The coin is up significantly in the past week.
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Ethereum (ETH) and XRP Whale Activity:
He highlighted significant accumulation of Ethereum (ETH) and XRP by large investors (“whales”). Whales reportedly purchased a substantial amount of both ETH (around 140,000) and XRP (over 20 million) in the last 24 hours. ETH is currently trading around $2,679, while XRP is at approximately $2.53, down slightly in the past 24 hours.
Disclaimer:
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies./p>
