According to a leading cryptocurrency analyst, an indicator suggests that an upswing in Telegram-based gaming tokens is imminent.
Ali Martinez told his 72,600 followers on social media platform
NOT is the community token of Notcoin, a popular Telegram-based tap-to-earn mining game.
Martinez says:
“Increasing buying pressure could potentially prevent a rise from $0.012 to $0.014.”
At the time of this writing NOT trading at $0.000976, a jump to $0.014 would result in a profit of over 40%. The 86th-largest cryptocurrency asset by market capitalization has already risen more than 13% in the past 24 hours.
Martinez also pointed out that decentralized finance (DeFi) protocol Maker (MKR) appears to be forming a four-hour inverse head and shoulders pattern. The inverted head and shoulders structure is generally considered a bullish reversal pattern. This is because it means buyers no longer have to wait for prices to regain recent lows to enter.
Analysts say this pattern indicates a potential 12% breakout for MKR, which is trading at $1,700 at the time of this writing. The 65th-largest cryptocurrency asset by market capitalization is up more than 5% in the last 24 hours.
Conversely, Martinez points out that the Tom DeMark (TD) Sequential indicator has signaled a bearish signal on the daily chart of LINK, the underlying asset of decentralized oracle network Chainlink. The signal indicates the possibility of a simple correction.
Traders use the TD Sequential indicator to predict a potential trend reversal in a token based on the closing prices of the previous 13 bars or candles.
LINK is trading at $12.72 at the time of this writing. The 17th-largest cryptocurrency asset by market capitalization is up more than 1% in the past 24 hours.
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