A closely followed trader is expressing bullish sentiment on a leading memecoin as the crypto markets come to life.
The crypto analyst known as Ali Martinez tells his 31,500 followers on the social media platform X that Dogecoin (DOGE) looks poised to start trending to the upside.
According to the analyst, the Tom DeMark (TD) Sequential indicator just flashed a bullish signal for DOGE. The TD indicator traces a series of price points to signal possible trend reversals.
Says Martinez,
“Dogecoin appears ready to start a new uptrend! The TD Sequential presented a buy signal on DOGE weekly chart. A sustained close above $0.062 could result in an upswing to $0.070.”
Dogecoin is trading at $0.066 at time of writing.
Next up is the blockchain oracle network Chainlink (LINK). Martinez says that Chainlink’s Market Value to Realized Value (MVRV) is hinting at a possible fall in price.
The MVRV compares an asset’s total market cap to its realized value and can be used to time market tops and bottoms.
“Data from [analytics platform] Santiment shows that the last three times Chainlink MVRV 30-day surpassed 20%, LINK underwent a steep correction!
Notice that LINK MVRV 30-day recently surpassed 20%, suggesting an imminent correction.”
Martinez is also keeping an eye on the blockchain-based game Axie Infinity (AXS). According to the analyst, AXS looks ready to rally after managing to build support at $4.
“With 98.67% of AXS holders ‘Out of the Money,’ Axie Infinity is one of those altcoins that looks ready to pop!
AXS investors are in disbelief, selling pressure has gotten exhausted, and an important support floor was created around $4.”
At time of writing, AXS is worth $4.70.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Source: https://dailyhodl.com/2023/10/24/top-memecoin-dogecoin-doge-looks-ready-to-start-a-new-uptrend-according-to-crypto-trader/