Cardano, Shiba Inu, and Dogecoin Could Experience a Temporary Slowdown, Indicator Suggests
As the majority of assets in the cryptocurrency sector open another week on a bullish note, it seems that Dogecoin (DOGE), Shiba Inu (SHIB), and Cardano (ADA) are no exception. However, according to crypto trading expert Ali Martinez, the TD Sequential indicator is showing a sell signal on the daily chart for these assets. This suggests that a correction may occur before they continue their uptrend. The TD Sequential indicator, created by market analyst Tom DeMark, helps identify potential changes in an asset’s price direction.
Shiba Inu Developers Launch SHIB Identity Countdown
The developers behind Shiba Inu have initiated a countdown for the launch of a revolutionary SHIB identity on the blockchain. This move aims to add more utility to the SHIB crypto asset and is part of the mission to incorporate Self-Sovereign Identity into all projects within the ecosystem. This development has the potential to strengthen the price of SHIB.
DOGE Price Analysis
Dogecoin has been experiencing price gains across its observed charts. It has recorded a 0.76% increase in one day, a 7.92% increase over the past week, and a 12.43% increase on its monthly chart. Additionally, DOGE recently broke out of a multi-year descending triangle chart pattern on its weekly chart, which supports its bullish outlook.
Cardano Price Analysis
Cardano is currently trading at $0.29757 with a 1.16% increase in the last 24 hours. Over the previous seven days, it has seen a gain of 12.22%, and over the past month, it has advanced by 18.64%. Cardano’s recovery can be attributed to the formation of a double bottom chart pattern and the generally positive sentiment in the wider cryptocurrency market.
Furthermore, Cardano’s uptrend could continue due to other factors, such as its total value locked (TVL) nearing a significant milestone of $200 million.
Hot Take: Temporary Slowdown Expected for Cardano, Shiba Inu, and Dogecoin
While Dogecoin, Shiba Inu, and Cardano have been performing well in the cryptocurrency market, the TD Sequential indicator suggests that a temporary slowdown may be on the horizon. This indicator, known for identifying potential price reversals, is showing a sell signal for these assets. However, developments like the launch of SHIB identity on the blockchain and Cardano’s increasing TVL could contribute to their long-term growth. It will be interesting to see how these cryptocurrencies navigate through the predicted correction and whether they can maintain their bullish momentum in the future.
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