A Bullish Outlook for Dogecoin (DOGE)
A well-known trader is optimistic about the future of Dogecoin (DOGE) as the cryptocurrency market gains momentum. According to crypto analyst Ali Martinez, the Tom DeMark (TD) Sequential indicator has recently issued a bullish signal for DOGE. The TD Sequential indicator is used to identify potential trend reversals by analyzing a series of price points.
Martinez believes that DOGE is ready to embark on a new uptrend, stating that a sustained close above $0.062 could lead to an upswing towards $0.070. Currently, DOGE is trading at $0.066.
Possible Fall in Chainlink (LINK) Price
Another cryptocurrency on Martinez’s radar is Chainlink (LINK). The analyst notes that Chainlink’s Market Value to Realized Value (MVRV) suggests a potential decline in price. MVRV compares an asset’s total market capitalization to its realized value and can be used to time market tops and bottoms.
According to data from analytics platform Santiment, whenever Chainlink’s MVRV 30-day surpasses 20%, the cryptocurrency tends to experience a significant correction. With LINK’s MVRV 30-day recently surpassing this threshold, a correction may be imminent.
A Rally for Axie Infinity (AXS)
Martinez also highlights Axie Infinity (AXS) as an altcoin that appears ready for a rally. After establishing support at $4, AXS has garnered interest from investors. With 98.67% of AXS holders currently “Out of the Money,” selling pressure has subsided, and a strong support level has been established at $4.
At the time of writing, AXS is valued at $4.70.
Hot Take: Crypto Trader Bullish on DOGE, Cautious on LINK, and Optimistic about AXS
Crypto analyst Ali Martinez predicts a positive outlook for Dogecoin (DOGE) as the TD Sequential indicator flashes a bullish signal. However, caution is advised when it comes to Chainlink (LINK) due to its high MVRV, indicating a potential price correction. On the other hand, Axie Infinity (AXS) looks set for a rally after establishing strong support at $4. Investors are encouraged to closely monitor these cryptocurrencies for potential trading opportunities.
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