Trader Warns Blue-Chip Ethereum Rival Flashing Bearish Signal, Says Metaverse Altcoin Gearing Up for Upswings
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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.”
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