Shiba Inu could be poised for a rally, analyst finds
The post Shiba Inu could be poised for a rally, analyst finds appeared on BitcoinEthereumNews.com.
SHIB’s key indicator has hinted at the possibility of a bull cycle. The meme coin’s value has increased by 19% in the last week. As the general crypto market witnesses a bull run, one of Shiba Inu’s [SHIB] key technical indicators has “flashed” a buy signal, crypto analyst Ali Charts noted in a recent post on X (formerly Twitter). #ShibaInu | The TD Sequential flashed a buy signal on $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… pic.twitter.com/uwdWbSWFZw — Ali (@ali_charts) October 25, 2023 The analyst assessed the memecoin’s TD Sequential indicator on a weekly chart. This indicator measures the exact time of trend exhaustion and potential price reversals over a specified period. Is your portfolio green? Check out the SHIB Profit Calculator It works by tracking the price action of an asset over a series of nine candlesticks. A buy signal is generated when the indicator reaches 9 on a downtrend. Conversely, a sell signal is generated when the indicator reaches 9 on an uptrend. According to Ali, SHIB’s TD Sequential indicator reclaimed the 9 spot on a downtrend during the intraday session on 25 October. Hinting at the possibility of a bullish reversal, the analyst added, “The previous two bullish turns from this indicator led to price surges of 118% and 71%, respectively.” Does SHIB’s setup support the predicted rally? At press time, the leading altcoin exchanged hands at $0.000008027. In the last week, SHIB’s value has grown by 19%, according to data from CoinMarketCap. This is due to the significantly positive correlation it shares with leading coin Bitcoin [BTC], whose price has climbed by over 20% during the…
Filed under: News - @ October 26, 2023 4:26 pm