Shiba Inu (SHIB) Shows Bullish Signs Amidst Crypto Slowdown
While many cryptocurrencies are experiencing a slowdown in their gains following rumors of a potential approval of a Bitcoin (BTC) exchange-traded fund (ETF), Shiba Inu (SHIB) is displaying some bullish indicators that are worth paying attention to.
Crypto trading expert Ali Martinez recently pointed out that the TD Sequential indicator on Shiba Inu’s weekly chart flashed a buy signal. This is considered a significant moment for SHIB, as it could indicate a potential trend reversal or continuation in the crypto market.
The TD Sequential indicator, created by market analyst Tom DeMark, is a technical analysis tool used to identify possible changes in an asset’s price direction. Martinez highlighted the accuracy of previous buy signals from this indicator, which led to significant price surges of 118% and 71%.
In addition to the bullish indicator, Shiba Inu has seen an increase in exchange volume and on-chain activity. Over $50 million worth of SHIB was moved in one day, contributing nearly $300 million to its market capitalization. This surge in activity suggests a fear of missing out (FOMO) among investors.
Hot Take: Shiba Inu’s Bullish Momentum
Despite the overall slowdown in the cryptocurrency market, Shiba Inu stands out with its recent bullish signs. The TD Sequential indicator flashing a buy signal on SHIB’s weekly chart indicates a potential trend reversal or continuation. Previous instances of this signal have resulted in significant price surges, further emphasizing its importance.
Moreover, the increase in exchange volume and on-chain activity for Shiba Inu demonstrates a growing fear of missing out among investors. This heightened interest could potentially drive further momentum for SHIB.
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