A technical indicator for Shiba Inu (SHIB) has recently triggered a buy signal, as pointed out by crypto analyst Ali Charts on X, formerly Twitter.
Ali Charts conducted an analysis of SHIB’s TD Sequential indicator on a weekly chart. This particular indicator is used to gauge the timing of potential trend reversals and exhaustion.
The TD Sequential indicator functions by tracking an asset’s price action over a sequence of nine candlesticks. When it reaches 9 during a downtrend, a buy signal is generated. Conversely, if it reaches 9 during an uptrend, it signals a potential sell-off.
According to Ali, SHIB’s TD Sequential indicator recently hit the 9 mark during an intraday session on October 25, suggesting the possibility of a bullish reversal.
The analyst also highlighted that the previous two bullish signals from this indicator led to price surges of 118% and 71%, respectively.
At the time of the analysis, SHIB was trading at $0.000008027. Over the past week, SHIB’s value has increased by 19%, according to CoinMarketCap data.
This positive performance can be attributed to the significant correlation between SHIB and the leading cryptocurrency, Bitcoin (BTC). During the same period, Bitcoin’s (BTC) price surged by over 24%.
