A technical analysis indicator indicates that the decentralized finance (DeFi) altcoin Maker (MKR) might be ready for a correction, as highlighted by a well-known crypto analyst. Trader Ali Martinez informed his 128,100 followers on X that MKR’s Tom DeMark (TD) sequential indicator has shown a bearish signal on its 12-hour chart. This indicator is used by traders to forecast potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles. Martinez suggested, “Maker MKR could potentially experience a pullback, given the sell signal from the TD Sequential indicator on the 12-hour chart.” MKR is currently priced at $1,441, ranking 85th by market cap. It has decreased by almost 1.5% in the last 24 hours but has surged by approximately 45% in the past week. Martinez also shared insights on the rebranded layer-1 blockchain Sonic (S), previously known as Fantom, speculating if it has completed a mini market cycle and is now entering an “anxiety” phase. S is trading at $0.854, holding the 50th position in market cap rankings. Despite trading sideways in the past day, it has risen by almost 56% in the past week. Additionally, Martinez mentioned that Ethereum (ETH) is being accumulated by crypto whales, with over 140,000 ETH acquired in the last 24 hours. ETH is currently valued at $2,679. Furthermore, he noted that deep-pocketed investors are acquiring the payments altcoin XRP, purchasing over 20 million XRP in the last 24 hours. XRP is priced at $2.53 and has declined by more than 5% in the past 24 hours.
