Analysts warn that Dogecoin’s rival is poised to rise more than 6,000% and announce a four-week correction in the altcoin’s cards.

Crypto analyst Ali Martinez has warned traders that Dogecoin (DOGE)’s hot rival could be subject to a correction.
Solana-based (SOL) memecoin Bonk (BONK) is trading at $0.000012 at the time of writing, a whopping 6,022% increase from its price at the start of 2023.

Martinez told his 35,100 followers on social media platform
The TD Sequential Indicator is used by traders to predict potential trend reversals based on the closing prices of the previous 13 bars or candles.
But Martinez points out that the indicator is now blinking in the opposite direction.
“Now the same indicator is showing a sell signal. This suggests that BONK may enter a correction period lasting 1-4 weeks.”
Source: Ali Martinez/X
The analyst also notes that Ethereum (ETH)’s TD sequential indicator is flashing a sell signal on the asset’s 3-day chart.
“If this signal is confirmed, it could create a prime buying opportunity with ETH potentially heading back to $2,150. “This could be a key moment before a potential bounce towards $3,500.”
Source: Ali Martinez/X
As of this writing, ETH is trading at $2,235.
Martinez also warned that BNB (BNB), the native utility token of decentralized finance (DeFi) platform Binance Smart Chain, is forming a descending triangle on the weekly chart. Descending triangles are generally considered a bearish continuation pattern.
The merchant said,
“Watch for a close above $260 to confirm a bullish BNB breakout. Until then, it would be wise to remain calm!”
Source: Ali Martinez/X
BNB is trading at $249 at the time of this writing.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Daily Hodl Mix Surfing

Check out the latest news headlines

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Image created: DALLE3
The post Analyst Alerts on Dogecoin Rivals Up Over 6,000%, 4-Week Correction in Altcoin Cards appeared first on The Daily Hodl.