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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
