The price of meme-inspired cryptocurrency Shiba Inu (SHIB) has flashed an early sign of a potential trend reversal after months of declines. According to noted crypto market analyst Ali, the SHIB weekly price chart has printed a bullish TD Sequential buy signal.
The TD Sequential indicator attempts to identify trend exhaustion and price turning points through a series of numbered counts. Per Ali, the last two TD Sequential buy signals on SHIB weekly charts preceded massive price surges of 118% and 71% respectively.
Given the rarity of these buy signals, Ali notes that the new TD Sequential reading could mark a pivotal moment for the struggling Shiba Inu token. SHIB has plunged nearly 70% year-to-date amidst the ongoing cryptocurrency bear market. It currently ranks as the 14th largest cryptocurrency with a market capitalization of $5.5 billion.
However, Ali cautions that historical performance is no guarantee of future price action. The previous massive SHIB surges occurred during 2021’s crypto mania and may not be repeated. Nonetheless, the confluence of oversold technicals, developer announcements, and the rare TD Sequential signal has put the market on alert for a potential trend change.
Traders will be closely monitoring whether the bullish momentum can be sustained beyond the initial reflexive bounce. Even with the recent recovery, SHIB remains deep in bear market territory, down from its all-time high. But the long-awaited TD Sequential signal offers a glimmer of hope that the historic slump may soon find a bottom.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
