Shiba Inu Price Prints Rare Buy Signal, What You Need To Know
25 October 2023 - 9:45PM
NEWSBTC
Amid the bullish sentiment in the crypto market, Shiba Inu (SHIB)
has recently garnered significant attention from traders and
investors. A recent analysis by renowned crypto analyst Ali
Martinez has spotlighted a rare buy signal for the token,
potentially hinting at an upward trajectory for its price. Buy
Shiba Inu Now? For those not familiar, the TD Sequential is an
indicator used by traders to identify potential price patterns and
reversals. Developed by Tom DeMark, the TD Sequential is a series
of numbers and letters that represent specific counts on a price
chart. When the count reaches a ‘9’ (TD9), it typically suggests a
potential reversal in the market’s current trend, whether bullish
or bearish. Its utility in predicting market turns has made it a
staple in many traders’ toolkits, especially in the realm of
cryptocurrencies. Related Reading: This Shibarium Milestone Could
Rocket Shiba Inu To August Highs Ali Martinez, in a recent tweet,
pointed out that the TD Sequential has flashed a buy signal on the
Shiba Inu’s weekly chart. Such an occurrence isn’t just significant
due to the potential for a bullish turn but also because of the
infrequency of these signals. Historical data analysis reveals that
in the last two instances when such a buy signal manifested, the
SHIB price surged by 118% and 71%, respectively. These past
performances, while no guarantee of future results, do provide a
tantalizing backdrop to the current scenario. Martinez stated: The
TD Sequential flashed a buy signal on [the] SHIB weekly chart.
Notably, the previous two bullish turns from this indicator led to
price surges of 118% and 71%, respectively. Given the infrequency
yet precision of such signals, it’s a pivotal moment to keep a keen
eye on SHIB. The TradingView chart, shared by Martinez, outlines
the SHIB/TetherUS (USDT) Perpetual Contract on the Binance
platform. It shows that back in June 2022, Shiba Inu recorded an
impressive surge of approximately 117.80% within eight weeks. This
rally was preceded by a ‘9’ candlestick on the TD Sequential
indicator, hinting at the buy setup. Related Reading: Shiba Inu
Lead Dev Kusama Breaks Silence With Major Updates In late September
2023, another TD Sequential ‘9’ buy signal emerged, resulting in a
71.17% ascent in SHIB’s value within the subsequent nine
weeks. As of October 25, 2023, yet another ‘9’ buy setup has
manifested on the weekly time frame. Given the token’s historical
reaction to these setups, a bullish move seems likely. However,
while the TD Sequential is a respected tool, it’s worth noting that
all indicators should be used in conjunction with other tools and
analysis methods. The volatile nature of the crypto market means
that predictions, even when based on historically successful
indicators, come with inherent risks. A Consistent Signal At press
time, the Shiba Inu price was trading at $0.00000732 and has thus
managed to recapture the neckline of the descending triangle in the
weekly chart. As detailed in earlier analysis, SHIB was in a
make-or-break moment in the last two weeks. However, since SHIB was
able to bounce above the neckline, the bullish scenario has now
come to the fore. As was the case from June to early August 2022
after the formation of the third bottom (yellow circle), SHIB could
now rally again towards the descending trend line of the triangle
as a result of the fourth bottom (second yellow circle). Thus, the
TD9 signal and this technical pattern coincide. As then, however, a
new decisive moment would come for the Shiba Inu price – the battle
to break out of a more than 2-year downtrend. Featured image from
Shutterstock, chart from TradingView.com
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