DeFi Altcoin Maker (MKR) May Face Correction

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

Martinez shared with his 128,100 followers on the social media platform X that MKR’s Tom DeMark (TD) Sequential Indicator has flashed a bearish signal on its 12-hour chart.

> “Maker MKR could be gearing up for a pullback, as the TD Sequential indicator flashes a sell signal on the 12-hour chart!”

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

Martinez also provided insights on the newly rebranded layer-1 blockchain Sonic (S), formerly known as Fantom:

> “I wonder if Sonic has just completed a mini market cycle and is now entering the ‘anxiety’ phase.”

At the moment, S is trading at $0.854. The 50th-ranked crypto asset has been trading sideways recently but is up nearly 56% in the past week.

In addition, Martinez remarked on significant accumulation of Ethereum (ETH) by crypto whales:

> “Whales have accumulated another 140,000 Ethereum (ETH) in the [24 hours]!”

Currently, ETH is valued at $2,679.

Lastly, he noted that deep-pocketed investors are also increasing their holdings in payments altcoin XRP:

> “Whales bought over 20 million XRP in the [24 hours]!”

XRP is presently trading at $2.53 and has declined more than 5% in the past 24 hours.

Generated Image: Midjourney