A widely-followed crypto trader has sounded a note of caution regarding Maker (MKR), a leading decentralized finance (DeFi) altcoin, suggesting a potential price pullback could be on the horizon. Ali Martinez, a prominent crypto analyst, addressed his 128,100 followers on X (formerly Twitter) to highlight the bearish signals emerging from the Tom DeMark (TD) Sequential indicator on MKR’s 12-hour chart.

Traders often rely on the TD Sequential Indicator to foresee potential trend reversals by analyzing the closing prices of the last 13 bars or candles. This tool has now marked a sell signal, raising concerns of a looming correction for MKR enthusiasts.

At present, MKR is trading at $1,441, experiencing a minor dip of nearly 1.5% over the past 24 hours, despite a soaring increase of approximately 45% within the past week. Such volatility continues to captivate crypto traders seeking both short-term opportunities and long-term insights.

In parallel discussions, Martinez also shed light on the newly rebranded layer-1 blockchain, Sonic, previously known as Fantom. He speculated that Sonic may have concluded a mini market cycle, hinting at the potential onset of the ‘anxiety’ phase.

Adding another layer of interest to the crypto conversation, Martinez noted significant Ethereum (ETH) accumulation by crypto whales, with a staggering acquisition of an additional 140,000 ETH in just one day. Not to be left behind, the payment altcoin XRP has also attracted these deep-pocketed investors, with over 20 million XRP purchased within the same timeframe.

With ETH currently valued at $2,679 and XRP trading at $2.53, these movements underscore the shifting dynamics in the cryptocurrency markets. As these developments unfold, investors and traders are keenly monitoring technical indicators to navigate their paths through the evolving crypto landscape.

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*Disclaimer: The opinions expressed here are not financial advice. Readers are encouraged to conduct their due diligence before committing to any high-risk investments in cryptocurrencies.*

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