A well-known crypto analyst is warning that Maker (MKR), a prominent decentralized finance (DeFi) altcoin, may be heading for a correction based on technical analysis.
Ali Martinez pointed out that the TD Sequential indicator on MKR’s 12-hour chart has signaled a potential downtrend.
This indicator is commonly used to predict possible trend reversals by analyzing the closing prices of the past 13 price bars or candles. According to Martinez, the current sell signal could indicate a pullback for MKR in the near future.
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MKR is trading at $1,441 at the 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.
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