Posted 12/12/2023, 10:15:13 AM
Analyst Warns Memecoin Bonk and Other Cryptos Face Correction, But Sees Long-Term Potential
- Analyst Ali Martinez warns that memecoin Bonk (BONK), up over 6,000%, could face a 4-week correction based on sell signal from TD Sequential indicator
- Martinez also sees sell signal for Ethereum (ETH), which could set up a buying opportunity around $2,150 before a potential rally to $3,500
- Warning issued for Binance Coin (BNB) as well, which is forming a bearish descending triangle pattern on its weekly chart
- Upside breakout for BNB not expected unless it closes above $260
- Martinez urges traders "Until then, it might be wise to hold steady!"