The analyst pointed out that Shiba Inu (SHIB), Solana (SOL), and Cardano (ADA) are among the altcoins that see a buy signal in this index.
Shiba Inu, Solana, & Cardano Form Buy Signal Following Market Crash
In a new post on X, analyst Ali Martinez talked about how the Tom Demark (TD) Sequential signal was created for Shiba Inu, Solana, and Cardano recently. “TD Sequential” here refers to an indicator in technical analysis (TA) that is generally used to find possible reversal points for any asset price.
This indicator usually involves two phases: setup and countdown. In the first of these, the setup, consecutive candles of the same color count up to nine. Once the chart registers these nine candles, the price can be considered to have reached a reversal point.
Naturally, if the setup is complete with green candles, then the stock can be considered to have reached the top. Similarly, if it is finished with a downtrend, the price may be headed for an upward trend.
Once the setup is complete, the countdown phase begins. This second stage is similar to the first, except that it includes thirteen candles of the same type, instead of nine. If the countdown period is over, the asset can be considered to have reached another point that can be reversed.
It looks like three altcoins, Shiba Inu, Solana, and Cardano, have just completed the TD Sequential phase of the previous type on their daily charts. Here are the graphs shared by the analyst that show this signal forming in the prices of these cryptocurrencies:
As seen in each chart, these altcoins have formed this TD Sequential pattern with red candles, which means that the indicator is now giving us a buy signal for them.
The signal came from Shiba Inu and company due to the downtrend they have recently experienced. A break may finally be in store for these assets, however, if the indicators are to be believed.
In fact, since the buy signal has appeared, the coins have already started to recover. This time around, Solana stands out with its 9% jump in the last 24 hours.
Now it remains to be seen how long this renewed rise will last for these coins, especially Cardano and Shiba Inu, which have so far seen surges of 5% and 4% respectively.
SHIB price
The past month has been a rough time for Shiba Inu investors as memecoin has dropped over 30% in this period, sending its price down to $0.0000173. The chart below shows how the coin’s performance has looked recently.
