Shiba Inu, Solana, & Cardano Are All Seeing Buy Signal: Analyst

The analyst noted that some altcoins showing buy signals on the indicator include Shiba Inu (SHIB), Solana (SOL), and Cardano (ADA).

Shiba Inu, Solana, and Cardano Form Buy Signals After Market Crash

new post At X, analyst Ali Martinez spoke about how the Tom Demark (TD) Sequential signal has recently formed on Shiba Inu, Solana, and Cardano. “TD Sequential” here refers to a technical analysis (TA) indicator, commonly used to spot possible points of reversal in the price of any asset.

This indicator usually has two phases: setup and countdown. The first setup counts up to nine consecutive candlesticks of the same color. Once the chart records these nine candlesticks, you can assume that the price has reached a reversal position.

Naturally, if the setup completes with a green candlestick, it can be assumed that the asset has reached a new high. Similarly, if it closes with a downtrend, the price may be heading for a rebound to the upside.

Once the setup is complete, the countdown phase begins. This second phase is almost identical to the first, except that it involves 13 candlesticks of the same type instead of 9. Once the countdown ends, you can assume that the asset has reached a point where another reversal is possible.

Three altcoins, Shiba Inu, Solana, and Cardano, appear to have completed the former type of TD sequential phase on their daily charts, and a chart shared by the analyst shows this signal forming in the prices of these cryptocurrencies.

Shiba Inu, Solana, & Cardano Are All Seeing Buy Signal: Analyst
Lately, all these coins seem to be forming this signal with red candlesticks | Source: X by @ali_charts

As you can see from each chart, these altcoins are forming this TD Sequential pattern with red candlesticks, meaning that the indicator is currently giving a buy signal.

Shiba Inu and friends have been on a downward trend recently, but signs are emerging that this is the case, but if the indicators are to be believed, these assets may finally be able to catch their breath.

In fact, coins have already started to rebound since the buy signal was issued, most notably Solana, which has risen by 9% in the past 24 hours.

It remains to be seen how long this new uptrend will last for these coins, particularly Cardano and Shiba Inu, as they have only surged 5% and 4% respectively so far.

SHIB Price

The past month has been a terrible time for Shiba Inu investors, as the meme coin has fallen by over 30% in this period, dropping in price to as low as $0.0000173. The chart below shows how the coin has performed recently.

Shiba Inu Price List
Memecoin prices appear to be trending downwards in the last month | Source: SHIBUSD on TradingView

Featured image from Shutterstock.com, chart from TradingView.com

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