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A closely followed trader is expressing bullish sentiment on a leading memecoin as the crypto markets come to life.
The crypto analyst known as Ali Martinez tells his 31,500 followers on the social media platform X that Dogecoin ($DOGE) looks poised to start trending to the upside.
Says Martinez,
“Dogecoin appears ready to start a new uptrend! The TD Sequential presented a buy signal on $DOGE weekly chart. A sustained close above $0.062 could result in an upswing to $0.070.”
Dogecoin is trading at $0.066 at time of writing.
Next up is the blockchain oracle network Chainlink ($LINK). Martinez says that Chainlink’s Market Value to Realized Value (MVRV) is hinting at a possible fall in price.
The MVRV compares an asset’s total market cap to its realized value and can be used to time market tops and bottoms.
“Data from [analytics platform] Santiment shows that the last three times Chainlink MVRV 30-day surpassed 20%, $LINK underwent a steep correction!
Notice that $LINK MVRV 30-day recently surpassed 20%, suggesting an imminent correction.”
Martinez is also keeping an eye on the blockchain-based game Axie Infinity ($AXS). According to the analyst, $AXS looks ready to rally after managing to build support at $4.
“With 98.67% of $AXS holders ‘Out of the Money,’ Axie Infinity is one of those altcoins that looks ready to pop!
$AXS investors are in disbelief, selling pressure has gotten exhausted, and an important support floor was created around $4.”
At time of writing, $AXS is worth $4.70.
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