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 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:
Looks like all of these coins have formed this signal with red candles recently | Source:
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.
The price of the memecoin seems to have been riding a downtrend over the last month | Source:
Featured image from Shutterstock.com, charts from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
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