Crypto analyst Ali Martinez is warning investors that Dogecoin (DOGE) rival could stage a correction. Solana based (SOL) meme coin Bonk Inu (BONK) is trading at $0.000012 at press time, up a staggering 6.022% from where it was priced at the beginning of 2023.
Martinez tells his 35,100 followers on social media platform
The TD Sequential indicator is used by traders to predict potential trend reversals based on the closing prices of the previous 13 bars or candles.
Koinfinans.com As we have previously reported Martinezwarned investors by stating that the meme coin could reverse its gains.
“Now, the same indicator is showing a sell signal. This suggests that BONK Inu may enter a correction period that will last one to four weeks.”
The analyst also EthereumHe notes that (ETH)’s TD Sequential indicator also gave a sell signal on the asset’s three-day chart.
“If this signal is confirmed, it could create a significant buying opportunity with ETH potentially pulling back to $2,150. “This could be a key moment before a potential rally towards $3,500.”
ETH is trading at $2,235 at the time of writing.
Additionally, Martinez warns that BNB (BNB), the native utility token of decentralized finance (DeFi) platform Binance Smart Chain, has formed a descending triangle on its weekly chart. A descending triangle is typically considered a bearish continuation pattern.
Trader says,
“Wait for a close above $260 to confirm BNB is bullish. Until then, it might be wise to stay put!”
BNB It is trading at $249 at the time of writing this news.