Crypto analyst and trader Ali Martinez has warned that an Ethereum (ETH) competitor is suddenly sending bearish signals.
Martinez says Interoperability blockchain Polkadot (DOT) could fall more than 20% from its current value, according to a report by 37,500 followers on social media platform X.
The Tom DeMark (TD) Sequential Indicator, which aims to identify turning points in the market, is giving a bearish reading for DOT with a value of 9, indicating a possible correction, according to the trader.
“Polkadot: TD Sequential indicator shows selling on weekly chart of DOT as it reaches major resistance at 100-EMA (exponential moving average). This could lead to a surge in profit-taking, potentially sending DOT down to $7.50.”
Polkadot is trading at $9.42 at the time of writing, up 7.47% in the last 24 hours.
Next is the merchant Called Decentralized virtual world The Sandbox (SAND) may have hit a market bottom, setting the stage for a future price surge.
“Sandbox appears to be in the ‘recession’ phase, a critical point in the typical market psychological cycle. “This could be a great moment for investors to consider acquiring SAND, as the market could be on the rise in the coming years.”
Sandbox is trading at $0.668 at the time of writing, up 16.49% in the last 24 hours.
Finally, the merchant Called Litecoin (LTC), a peer-to-peer payment network, is suddenly receiving a lot of attention from deep-pocketed investors.
“Litecoin whales have purchased approximately 42,000 LTC over the past week, worth approximately $3 million!”
Litecoin is trading at $72.25 at the time of writing, up 1.57% in the last 24 hours.
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