Altcoins Showing Buy Signals After Market Crash
An analyst recently highlighted how three altcoins, Shiba Inu, Solana, and Cardano, are exhibiting a buy signal on the TD Sequential indicator following the recent market crash. The TD Sequential indicator is a tool in technical analysis used to identify potential reversal points in an asset’s price movement.
Understanding TD Sequential Indicator
The TD Sequential indicator consists of two main phases – setup and countdown. During the setup phase, consecutive candles of the same color are counted up to nine. This phase helps in determining possible reversal points in the price trend. If the setup ends with green candles, it may indicate a market top, while a setup with red candles could suggest an upcoming price upturn.
- The countdown phase follows the setup and involves thirteen candles of the same type.
- Completion of the countdown phase can indicate another potential reversal point in the asset’s price.
Altcoins Forming Buy Signals
Recent analysis has revealed that Shiba Inu, Solana, and Cardano have all completed a TD Sequential phase on their daily charts, signaling a potential trend reversal from the downtrend they have been experiencing. The emergence of a buy signal suggests a possible price upturn for these altcoins.
Market Response
Following the formation of the buy signal, the prices of these altcoins have started to rebound, with Solana standing out by recording a 9% price increase in the last 24 hours. However, it remains to be seen how long this upward momentum will continue, especially for Cardano and Shiba Inu, which have seen more modest gains of 5% and 4%, respectively.
Shiba Inu Price Performance
Shiba Inu investors have faced significant challenges over the past month, with the meme coin experiencing a decline of over 30%. This decline has pushed the price of SHIB down to $0.0000173. The performance chart below illustrates the recent price movements of Shiba Inu.
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