One closely watched analyst believes Ethereum (ETH) is on the verge of a rally after the second-largest cryptocurrency asset issued a bullish signal on the higher timeframe chart.
Ali Martinez says ETH’s 40,700 followers on social media platform
An ascending triangle is a technical analysis pattern that typically includes two or more identical highs and a series of higher lows. It is generally interpreted as a bullish pattern.
At the time of writing, Ethereum is trading at $2,517.
Martinez too. note Tom DeMark (TD) Sequential Indicator recently gave a buy signal for the top meme asset, Dogecoin (DOGE). 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.
Martinez says:
“As long as the $0.074 support cluster continues, DOGE will likely bounce back above $0.100!”
DOGE is trading at $0.080 at the time of this writing.
On the Bitcoin (BTC) side, Martinez note The BTC Miner Position Index (MPI) hit a high of 9.43 on January 12.
“This means miners have moved more BTC than usual, which suggests a potential sale. Stay vigilant despite the recent BTC price correction. If miners sell more, the price may fall further!”
MPI is an indicator that provides insight into whether BTC miners are selling or holding their coins. According to digital asset analysis company CryptoQuant, it is calculated as the ratio of all miners’ outflow in U.S. dollars divided by the 365-day moving average.
At the time of writing, BTC is trading at $42,821.
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