An analyst has pointed out how Shiba Inu (SHIB), Solana (SOL), and Cardano (ADA) are among the altcoins seeing a buy signal on this indicator.
Shiba Inu, Solana, & Cardano Form Buy Signal Following Market Crash
In a new post on X, analyst Ali Martinez has talked about how a Tom Demark (TD) Sequential signal has formed for Shiba Inu, Solana, and Cardano recently. The “TD Sequential” here refers to an indicator in technical analysis (TA) that’s generally used for finding probable points of reversal in any asset’s price.
This indicator typically involves two phases: setup and countdown. In the first of these, the setup, successive candles of the same color are counted up to nine. Once the chart has registered these nine candles, the price may be assumed to have hit a position of turnaround.
Naturally, if the setup has completed with green candles, then the asset could be considered to have reached a top. Similarly, if it has finished with a downtrend, the price may be heading towards a rebound to the upside.
Once the setup is done, the countdown phase begins. This second phase looks much like the first one, except for the fact that it involves thirteen candles of the same type, rather than nine. When the countdown is over with, the asset could be assumed to have reached another potential point of reversal.
It would appear that three altcoins, Shiba Inu, Solana, and Cardano, have just completed a TD Sequential phase of the former type in their daily charts. Here are the graphs shared by the analyst that show this signal forming in the prices of these cryptocurrencies:
As is visible in each chart, these altcoins have formed this TD Sequential pattern with red candles, meaning that the indicator is now giving a buy signal for them.
The signal has appeared for Shiba Inu and company as a result of the downtrend that they have been experiencing recently. Respite may finally be here for these assets, though, if the indicator is to be believed.
In fact, since the buy signal has emerged, the coins have already started on a rebound. Among these, Solana has particularly stood out with its 9% jump in the past 24 hours.
It now remains to be seen how long this renewed uptrend will last for these coins, especially for Cardano and Shiba Inu, who have so far only seen surges of 5% and 4%, respectively.
SHIB Price
The past month has been a terrible time for Shiba Inu investors as the memecoin has declined by more than 30% in this period, which has sent its price down to $0.0000173. The below chart shows how the coin’s performance has looked like recently.
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