Crypto Insights: Bonk’s Surge and Ethereum’s Sell Signal Highlighted
An expert in the crypto realm, Ali Martinez, has issued a cautionary note to traders regarding a potential downturn in a rising contender to Dogecoin (DOGE).
The meme coin Bonk (BONK), riding on the Solana (SOL) platform, has seen an incredible surge, presently valued at $0.000012—a striking 6,022% increase from its starting point in 2023.
Martinez highlighted the Tom DeMark (TD) Sequential indicator’s prior buy signal on Bonk’s weekly chart, heralding its notable bull run in October. This indicator, commonly employed by traders, predicts shifts in trends based on preceding closing prices over a specific period.
Flashback to just before $BONK's 8,422.58% bull run – the TD Sequential indicator had presented a buy signal on the weekly chart!
Now, the same indicator is showing a sell signal. This suggests #BONK might be heading into a correction period lasting one to four weeks. pic.twitter.com/qjEHO9ss0o
— Ali (@ali_charts) December 11, 2023
However, Martinez’s latest observation paints a different picture: the indicator now signals a sell, indicating a possible forthcoming correction period for BONK, potentially lasting between one to four weeks.
In addition, Martinez pointed out a similar situation with Ethereum (ETH), noting a sell signal on its three-day chart via the TD Sequential indicator.
#Ethereum | The TD Sequential has flashed a sell signal on the $ETH 3-day chart. 🚨
If this signal is confirmed, it might set up a prime buying opportunity with #ETH potentially retracing to $2,150. This could be a key moment before a potential rally toward $3,500. pic.twitter.com/hozCr7CNQZ
— Ali (@ali_charts) December 10, 2023
Speculating on this signal, Martinez hinted at a probable retracement for ETH, potentially dipping to $2,150 before an anticipated rally toward $3,500.
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Adding to the cautionary notes, Martinez drew attention to BNB (BNB), the native token of Binance Smart Chain’s decentralized finance (DeFi) platform, signaling a descending triangle pattern on its weekly chart—an indication often linked with bearish continuations.
Summarizing his analysis, Martinez advised vigilance for a potential bullish breakout in BNB should it surpass the $260 mark, suggesting a cautious approach until a confirmed breakout occurs.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
