The TD Sequential indicator has flashed a buy signal for Shiba Inu after consecutive days of collapsing price, suggesting a short-term price relief.
The crypto market bears have dealt Shiba Inu a significant blow for nearly two weeks. At press time, SHIB trades at $0.00002042, reflecting a 12% loss in its weekly performance and a more significant 16% crash from the value it sold for a month ago.
Moreover, the bearish pressure ultimately forced Shiba Inu to revisit the $0.000019 price channel. SHIB was last seen at this threshold during the severe price correction of April 13, which was influenced by the escalated global political crises.
While Shiba Inu touched the bottom of $0.00001965 three days ago, it has only posted a 3.92% gain from this low, considering its current price of $0.00002042. Now, a crucial technical indicator suggests now might be the optimal time to buy SHIB.
Shiba Inu Buy Signal Emerges
In a recent post on X, prominent market watcher Ali Martinez revealed that Shiba Inu could be poised for a rebound. He cited that the TD Sequential indicator has shown a buy signal on the SHIB daily chart.
At the time of the update, SHIB was trading at $0.00002077. Its current lower price suggests that the anticipated relief rally has yet to happen. As a result, today’s Shiba Inu investors may still have a good chance to profit from the expected rally.
#ShibaInu might be primed for a rebound as the TD Sequential indicates a buy signal on the $SHIB daily chart! pic.twitter.com/jwZ3UbJQ1N
— Ali (@ali_charts) June 15, 2024
Notably, the TD Sequential indicator has consistently proven to be a reliable predictor for Shiba Inu, with its suggestions frequently turning out to be accurate over the past few months. Martinez has highlighted numerous instances of these successful predictions in various updates.
What Price to Target?
However, for the recently issued buy signal, the analyst did not specify a price target for Shiba Inu enthusiasts to watch for.
Meanwhile, in a post seven weeks ago, Martinez argued that Shiba Inu was forming a bull flag on the 24-hour chart. Consequently, he disclosed that he would place a buy order for SHIB at $0.00001834.
At that time, Shiba Inu was trading in the $0.000021 range, indicating that the recent dip to $0.00001965 was expected. The analyst noted that he was setting his buy order to capitalize on a bullish breakout that could send SHIB to $0.00007232.
Another Indicator Supporting SHIB Rebound
Notably, a Shiba Inu rebound is further supported by a recent report from The Crypto Basic, which reveals a decreasing number of SHIB tokens available for sale on centralized exchanges. This trend is accompanied by the continuous accumulation of SHIB by whales.
