Trader Warns Blue-Chip Ethereum Rival Flashing Bearish Signal, Says Metaverse Altcoin Gearing Up for Upswings
Crypto analyst and trader Ali Martinez is warning that one Ethereum (ETH) rival is suddenly flashing a bearish signal.
Martinez tells his 37,500 followers on the social media platform X that interoperability blockchain Polkadot (DOT) could decline by more than 20% from its current value.
According to the trader, the Tom DeMark (TD) Sequential indicator, which aims to identify turning points in a market with a value of nine signaling a possible correction, is giving off a bearish reading for DOT.
“Polkadot: the TD Sequential indicator flags a sell on the weekly chart for DOT, just as it hits a key resistance at the 100-EMA (exponential moving average). This could lead to a spike in profit-taking, potentially driving DOT down to $7.50.”
Polkadot is trading at $9.42 at time of writing, up 7.47% in the last 24 hours.
Next, the trader says that the decentralized virtual world The Sandbox (SAND) may have hit a market bottom, setting the stage for future price surges.
“The Sandbox appears to be in the ‘depression’ phase, a crucial point in the typical market psychology cycle. This could be an opportune moment for investors to consider acquiring SAND, as the market might be poised for a future upswing.”
The Sandbox is trading for $0.668 at time of writing, up 16.49% in the last 24 hours.
Lastly, the trader says the peer-to-peer payments network Litecoin (LTC) is suddenly seeing a lot of interest from deep-pocketed investors.
“Litecoin whales have bought around 42,000 LTC over the past week, worth roughly $3 million!”
Litecoin is trading for $72.25 at time of writing, up 1.57% in the last 24 hours.
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