u.today
Cryptocurrencies Shiba Inu (SHIB), Cardano (ADA) and Solana (SOL) might be on the verge of a significant price rebound. In a tweet, crypto analyst Ali pointed out that the TD Sequential indicator is presenting buy signals on the daily charts for these digital assets, suggesting that an upswing could be imminent.
The TD Sequential is a popular technical analysis tool used by traders to identify potential turning points in market trends. Developed by Tom DeMark, the indicator helps pinpoint the exact time of trend exhaustion and possible price reversals.
The TD Sequential presents buy signals on the daily charts of #Solana, #ShibaInu, and #Cardano, anticipating a price rebound for these #altcoins! pic.twitter.com/P8ZOYm9qTu
— Ali (@ali_charts) June 25, 2024
Ali's analysis reveals that the TD Sequential indicator is flashing buy signals on the daily charts of Shiba Inu, Cardano and Solana.
Potential implications
Shiba Inu (SHIB)
The appearance of a buy signal on SHIB's daily chart could indicate that the recent downtrend might be losing steam. If the indicator's signal proves accurate, SHIB may experience a comeback in buying activity, perhaps sending the price higher.
The first indication of a bullish turnaround would be a break above the daily SMA 200 at $0.00001891. A subsequent break above the daily SMA 50 at $0.00002288 might fuel the bullish trend, perhaps targeting $0.00002940 and $0.0000328. At the time of writing, SHIB was up 1.45% in the last 24 hours to $0.00001711.
Cardano (ADA)
Cardano (ADA) fell to $0.362 on Monday, the lowest level since November 2023. The TD Sequential buy signal for ADA may indicate that the current bearish trend might be nearing its end. At the time of writing, ADA had risen 4.80% in the last 24 hours to $0.389.
If ADA sustains its current rebound, bulls may target the daily SMA 50 at $0.44 and the daily SMA 200 at $0.542. If this proves successful, a 100% rally appears possible, with targets at $0.68 and $0.8.
Solana (SOL)
At the time of writing, SOL was up 8.91% in the last 24 hours to $135.98. Solana is attempting a decisive break above the daily SMA 200 at $133, which could be critical to its bullish momentum. A break over the daily SMA 200 at $156.19 would be a strong indication, aiming for highs of $188 and $204.
The coming days will be crucial in determining whether SHIB, ADA and SOL can capitalize on these buy signals and begin a sustained upward trend.