Crypto Analyst Warns of Correction for Dogecoin Rival Bonk
Crypto analyst Ali Martinez is cautioning traders about a potential correction for Bonk (BONK), a meme coin based on the Solana blockchain. At the time of writing, Bonk is trading at $0.000012, reflecting an incredible 6,022% increase since the beginning of 2023.
Martinez highlights that Bonk’s Tom DeMark (TD) Sequential indicator previously signaled a buy on its weekly chart before its bull run in October. However, the same indicator is now indicating a sell signal, suggesting that Bonk may enter a correction period lasting between one to four weeks.
In addition, Martinez notes that Ethereum (ETH) also has a sell signal on its TD Sequential indicator on the three-day chart. If confirmed, this could present an opportunity to buy ETH at around $2,150 before a potential rally towards $3,500. Currently, ETH is trading at $2,235.
Furthermore, Martinez warns about BNB (BNB), the native token of the Binance Smart Chain. BNB is forming a descending triangle pattern on its weekly chart, which is typically seen as a bearish continuation pattern. Martinez advises watching for a close above $260 to confirm a bullish breakout for BNB. Currently, BNB is trading at $249.
Hot Take: Correction Expected for Dogecoin Rival Bonk
Crypto analyst Ali Martinez warns that Bonk, a Dogecoin competitor, may experience a correction in the coming weeks. With an astonishing 6,022% surge since the start of 2023, Bonk has caught the attention of traders. However, Martinez points out that the TD Sequential indicator is now signaling a sell signal for Bonk, indicating a potential correction period lasting one to four weeks. This cautionary note suggests that traders should be prepared for a possible downturn in Bonk’s price. Additionally, Martinez highlights sell signals on Ethereum and warns about a descending triangle pattern forming on BNB’s chart.
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