The largest memecoin Dogecoin (DOGE) has been quietly consolidating for a long time, testing the patience of its investors. According to experienced cryptocurrency analyst Ali Martinez, the silence in DOGE will soon be broken as a result of the overall recovery in the cryptocurrency market. The analyst also commented on the rise of Axie Infinity (AXS) and issued a warning for Chainlink (LINK).
Rise Expected in DOGE and AXS
Cryptocurrency analyst Ali Martinez stated that the largest memecoin DOGE seems ready to start an upward trend. According to the analyst, the Tom DeMark (TD) Sequential Indicator has given a bullish signal for DOGE. The TD Sequential Indicator tracks multiple price points to identify potential trend reversals. Martinez said the following in his bullish analysis of the memecoin:
Dogecoin seems ready to start a new upward trend. The TD Sequential Indicator has given a buy signal on DOGE’s weekly chart. Staying above $0.062 could result in a rise to $0.070.
Following DOGE, Martinez mentioned the blockchain-based gaming platform Axie Infinity and stated that AXS will be ready for a rise as long as it stays above the $4 support level. He used the following words to express his opinion:
AXS, one of the altcoins that seems ready to explode, with 98.67% of its investors currently in loss. AXS investors are surprised as selling pressure has exhausted and an important support level has formed around $4.
Warning of Collapse for Chainlink’s LINK
Furthermore, Martinez issued a warning for the blockchain oracle network Chainlink and its LINK token, stating that the Market Value to Realized Value (MVRV) ratio indicates a possible decline in price. MVRV is an important indicator used to compare the total market value of an asset with its realized value in order to identify market tops and bottoms:
Data from crypto analysis platform Santiment shows that LINK has experienced sharp declines in the last three instances when its 30-day MVRV exceeded 20%. The recent surpassing of 20% in LINK’s 30-day MVRV should be approached with caution. We might soon witness a collapse in LINK’s price.
