Shiba Inu Indicator Signaling Potential Rally, Says Crypto Analyst
Crypto trader Ali Martinez believes that Shiba Inu (SHIB), the second-largest memecoin by market cap, could experience a rally based on the readings of the Tom Demark (TD) Sequential indicator. Martinez explains that the TD Sequential indicator predicts trend reversals by analyzing the closing prices of previous bars or candles. According to Martinez, the last two bullish signals from this indicator resulted in SHIB rallying by 118% and 71%, respectively. Given the infrequency but accuracy of these signals, Martinez advises keeping a close eye on SHIB.
Bitcoin Resistance Levels Based on UTXO Realized Price Distribution Model
Ali Martinez also analyzes Bitcoin (BTC) using the UTXO Realized Price Distribution (URPD) model. This model tracks the number of existing coins that have moved within a specific price range. Martinez notes that BTC has established strong support between $25,000 and $30,000. The URPD model suggests that the next critical resistance levels for BTC are at $38,440 and $47,360. These levels represent a potential increase of around 13% and 38% above the current price.
Hot Take: Shiba Inu and Bitcoin Poised for Potential Upside Moves
According to crypto analyst Ali Martinez, there are indications that both Shiba Inu (SHIB) and Bitcoin (BTC) could see significant upside moves. The TD Sequential indicator is suggesting a potential rally for SHIB based on past bullish signals. Meanwhile, the UTXO Realized Price Distribution model indicates key resistance levels for BTC above its current price range. With these indicators in mind, it’s important to closely monitor both SHIB and BTC for potential trading opportunities in the near future.
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