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%.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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