With the bullish sentiment prevailing in the cryptocurrency market, Shiba Inu (SHIB) has caught the attention of traders and investors. A renowned crypto analyst, Ali Martinez, has pointed out a rare buy signal for the SHIB token, potentially indicating an upward trajectory for its price.

Is Now the Time to Buy Shiba Inu?

The TD Sequential, developed by Tom DeMark, is an indicator used by traders to identify potential price patterns and reversals. When the count reaches a ‘9’ (TD9), it typically suggests a potential reversal in the market’s trend. This indicator is widely used in the cryptocurrency realm.

In a recent tweet, Ali Martinez highlighted that the TD Sequential has signaled a buy on the Shiba Inu weekly chart. These signals are infrequent but have resulted in significant price surges in the past. Specifically, in the two previous instances, the SHIB price surged by 118% and 71%. Although past performance doesn’t guarantee future results, it creates an intriguing backdrop for the current situation.

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.

According to the chart shared by Martinez, in June 2022, Shiba Inu experienced a significant surge of approximately 117.80% within eight weeks after a ‘9’ candlestick appeared on the TD Sequential indicator. In late September 2023, another ‘9’ buy signal emerged, resulting in a 71.17% increase in SHIB’s value within the subsequent nine weeks. As of October 25, 2023, yet another ‘9’ buy setup has appeared on the weekly timeframe, suggesting a potential bullish move.

However, it’s important to note that while the TD Sequential is a respected tool, it should be used in conjunction with other analysis methods. The crypto market is volatile, and even historically successful indicators come with inherent risks.

A Consistent Signal

As of the time of writing, the Shiba Inu price is trading at $0.00000732 and has managed to recapture the neckline of the descending triangle in the weekly chart. This indicates a bullish scenario for SHIB. The TD9 signal aligns with this technical pattern, suggesting the potential for a rally towards the descending trend line of the triangle. However, breaking out of a more than 2-year downtrend would be a decisive moment for the Shiba Inu price.

Summary

The Shiba Inu token, SHIB, has garnered attention from traders and investors as a rare buy signal on the TD Sequential indicator suggests a potential upward trajectory for its price. The indicator has accurately predicted significant price surges in the past, making it a pivotal moment to watch SHIB closely. However, it’s essential to use the TD Sequential indicator in conjunction with other analysis methods due to the volatile nature of the crypto market.

FAQs

What is the TD Sequential indicator?

The TD Sequential is an indicator used by traders to identify potential price patterns and reversals. It is widely used in the cryptocurrency market.

How accurate is the TD Sequential indicator?

The TD Sequential indicator has been known to accurately predict significant price surges in the past. However, it should be used in conjunction with other analysis methods and indicators.

Has the TD Sequential indicator provided accurate signals for Shiba Inu in the past?

Yes, historical data analysis shows that previous buy signals on the TD Sequential indicator for Shiba Inu have led to significant price surges of 118% and 71%, respectively. However, past performance does not guarantee future results.

Is the Shiba Inu price expected to rally?

Although the TD Sequential indicator has signaled a potential buy opportunity for Shiba Inu, it’s important to consider other factors and market conditions. The cryptocurrency market is volatile, and there are inherent risks associated with any investment.

What is the current price of Shiba Inu?

At the time of writing, the Shiba Inu price is trading at $0.00000732.

Featured image from Shutterstock, chart from TradingView.com