- Renowned crypto analyst Ali Martinez predicts a promising uptrend for Dogecoin (DOGE), backed by a bullish signal from the TD Sequential indicator.
- On the flip side, Chainlink (LINK) may be facing a potential price correction, while Axie Infinity (AXS) seems poised for a rally, according to Martinez’s analysis.
A Closer Look at Dogecoin’s Uptrend Potential
In the fast-paced world of cryptocurrency, prominent trader Ali Martinez is sharing his optimistic outlook on Dogecoin (DOGE), a leading memecoin that has captured the attention of investors worldwide. Through a message to his 31,500 followers on social media platform X, Martinez highlights Dogecoin’s readiness to embark on an upward trend.
The basis of this prediction is rooted in the behavior of the Tom DeMark (TD) Sequential indicator, a tool used by traders to identify potential trend reversals by analyzing a series of price points. For Dogecoin, the TD Sequential has presented a bullish buy signal on its weekly chart, indicating the possibility of an uptrend. As Martinez explains,
“A sustained close above $0.062 could result in an upswing to $0.070.”
At the time of this analysis, Dogecoin is trading at $0.066.
Assessing Chainlink’s Potential Price Correction
Shifting gears to Chainlink (LINK), a decentralized oracle network that plays a vital role in connecting smart contracts with real-world data, Martinez draws attention to the Market Value to Realized Value (MVRV) ratio. This metric, which compares an asset’s total market capitalization to its realized value, can serve as a strategic tool for timing market tops and bottoms.
Martinez references data from analytics platform Santiment, highlighting that Chainlink’s MVRV 30-day ratio has recently surpassed the 20% mark. He notes,
“The last three times Chainlink MVRV 30-day surpassed 20%, LINK underwent a steep correction.”
This pattern suggests that Chainlink could be on the brink of a price correction.
Axie Infinity’s Anticipated Rally
In addition to Dogecoin and Chainlink, Martinez is closely monitoring Axie Infinity (AXS), a blockchain-based gaming platform. He observes that AXS has managed to establish a solid support level at $4, setting the stage for a potential rally. Martinez comments,
“With 98.67% of AXS holders ‘Out of the Money,’ Axie Infinity is one of those altcoins that looks ready to pop!”
He notes the exhausted selling pressure and the creation of an important support floor, signaling a potential uptick for AXS, which is currently valued at $4.70.
Through this comprehensive analysis, Ali Martinez provides a clear and expert perspective on the potential future movements of Dogecoin, Chainlink, and Axie Infinity, offering valuable insights for investors navigating the volatile crypto market.