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SHIB chart flashes rare ‘buy’ signal; What’s next for Shiba Inu?

SHIB chart flashes rare ‘buy’ signal; What’s next for Shiba Inu?

As the majority of assets in the cryptocurrency sector begin to slow down the massive gains triggered by the rumors of an impending approval of a spot Bitcoin (BTC) exchange-traded fund (ETF), Shiba Inu (SHIB) is no exception, but certain signs point to a bullish run.

Indeed, crypto trading expert Ali Martinez observed a TD Sequential indicator flashing a buy signal for Shiba Inu on its weekly chart, which he referred to as “a pivotal moment to keep a keen eye on SHIB,” as he explained in an X post published on October 25.

Created by market analyst Tom DeMark, the TD Sequential indicator is a technical analysis (TA) tool useful in identifying points at which an asset’s price may change direction, i.e. to assess trend reversals and continuation patterns in financial markets, including the crypto market.

Specifically, the renowned cryptocurrency analyst noted that “the previous two bullish turns from this indicator led to price surges of 118% and 71%, respectively,” and that “the infrequency yet precision of such signals” warranted more focused attention.

SHIB price action technical analysis. Source: Ali Martinez

SHIB price analysis

Meanwhile, Shiba Inu was at press time changing hands at the price of $0.000007307, which represents a decline of 1.5% in the last 24 hours, an advance of 5.47% across the previous seven days, and a loss of 0.17% on its monthly chart, according to the latest data on October 25.

SHIB 7-day price chart. Source: Finbold

It is also worth noting that Shiba Inu’s exchange volume and on-chain activity have recently increased, with crypto wallets moving over $50 million SHIB in one day, adding nearly $300 million to its market capitalization and showing a prevailing ‘fear of missing out’ (FOMO), as Finbold reported earlier.

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