Injective (INJ) Buy Signal That Led To 700% & 555% Rallies Forms Again
27 Mayo 2024 - 9:00PM
NEWSBTC
An analyst has pointed out that Injective is forming a buy signal
that previously led to 700% and 555% rallies for the asset’s price.
Injective Is Forming A TD Sequential Buy Signal On Its Weekly Chart
In a new post on X, analyst Ali Martinez has discussed a Tom Demark
(TD) Sequential signal that has formed in the weekly price of
Injective recently. The TD Sequential refers to an indicator in
technical analysis (TA) generally used for spotting potential
points of reversal in any asset’s price. This indicator involves
two phases: setup and countdown. In the first of this setup,
candles of the same polarity (green/red) are counted up to nine.
Once the nine candles are in, the price may have reached a
turnaround point. Related Reading: Shiba Inu One Of The Most-Traded
Tokens By Whales, Data Shows Naturally, the TD Sequential would
suggest a probable bottom in the asset if the candles leading up to
the setup’s completion were red. Similarly, the indicator would
signal selling if the phase finished with an uptrend. After the
setup is done, the countdown phase begins. During this second
phase, candles of the same type are again counted, this time till
thirteen. After the thirteenth candle of the same polarity, the
price may be assumed to have encountered another likely top or
bottom. According to Martinez, a TD Sequential signal of the former
type has been completed for the Injective’s weekly price. Below is
the chart shared by the analyst that reveals this recent signal in
cryptocurrency. As the graph shows, Injective has finished a TD
Sequential setup with a downtrend, suggesting that the asset may
have reached a point of reversal towards the upside. In the chart,
the analyst has highlighted what happened the last two times the
weekly price of the cryptocurrency encountered this signal. The
first of these signals appeared to have preceded a rally of over
700%, while the other resulted in a surge of almost 556%. Thus,
given this bullish precedence, it’s possible that the latest TD
Sequential buy signal could also lead to another run of sharp
bullish momentum for the asset’s price. Related Reading: Analyst
Says “Only A Matter Of Time” Before Bitcoin Flies Past ATH However,
it should be noted that the TD Sequential hasn’t always been
completely reliable for the coin. As is visible in the graph, the
indicator flagged a sell signal partway through the second of the
rallies above. As such, it remains to be seen how the Injective
price develops from here on out and whether the TD Sequential buy
signal will have an immediate bullish effect, just like it did the
last two times. INJ Price The Injective has been stuck in
consolidation over the past month. Its price is currently trading
around $26, right in the middle of the range. Featured image from
Shutterstock.com, charts from TradingView.com
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