Technical Indicator Suggests DeFi Altcoin Maker (MKR) Primed for a Pullback, According to Crypto Trader

A technical analysis indicator suggests the decentralized finance (DeFi) altcoin Maker (MKR) could be poised for a correction, according to a popular crypto analyst.

Trader Ali Martinez tells his 128,100 followers on the social media platform X that MKRs Tom DeMark (TD) sequential indicator flashed a bearish signal on its 12-hour chart.

Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.

Source: Ali Martinez/X

MKR is trading at $1,441 at time of writing. The 85th-ranked crypto asset by market cap is down nearly 1.5% in the past 24 hours but is up nearly 45% in the past seven days.

Martinez also shares his outlook on the newly rebranded layer-1 blockchain Sonic (S), which was previously known as Fantom.

Source: Ali Martinez/X

S is trading at $0.854 at time of writing. The 50th-ranked crypto asset by market cap has been trading sideways in the past day but is up nearly 56% in the past week.

Martinez also notes that crypto whales have been accumulating Ethereum (ETH).

Source: Ali Martinez/X

At time of writing, ETH is worth $2,679.

The trader also says deep-pocketed investors are gobbling up the payments altcoin XRP.

Source: Ali Martinez/X

XRP is trading at $2.53 at time of writing and is down more than 5% in the past 24 hours.

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 losses 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.