Crypto analyst and trader Ali Martinez made a remarkable analysis on Polkadot (DOT), which is known for having a significant follower base in the cryptocurrency world. According to Martinez, Polkadot sending an unexpected bearish signal should attract the attention of investors.
Claiming that Polkadot’s current value may decline by more than 20%, Martinez supports this view with the Tom DeMark (TD) Sequential indicator. The TD Sequential indicator is used to determine the strength or weakness of a market trend and the likelihood of a reversal. TD Sequential can be preferred for any time period and for any financial asset. It includes two phases: Setup Phase (9 steps) and Countdown phase (13 Steps).
Martinez’s stated Such technical indicators can offer important information about future price movements of crypto assets, such as:
“Polkadot: The moment the TD Sequential indicator reaches significant resistance at the 100-EMA (exponential moving average), it signals a selling event on the weekly chart for DOT. “This could cause a sudden increase in profit taking and potentially drop DOT to $7.50.”
NEWS CONTINUES BELOW
Another altcoin followed by the analyst is The Sandbox (SAND). Martinez says SAND may have reached the bottom.
“The sandbox appears to be in the ‘depression’ phase, which is a crucial point in the typical market psychology cycle. “This may be an opportune moment for investors to consider purchasing SAND as the market is poised for a future rally.”
Finally, the analyst reported that peer-to-peer payment network Litecoin (LTC) is suddenly attracting great interest from wealthy investors. This development could be a notable move for the altcoin:
“Litecoin whales bought nearly 42,000 LTC worth $3 million last week!”
You can follow the current price movement here.