A renowned market watcher spotted a buy signal on the Shiba Inu chart, urging SHIB enthusiasts to “keep an eye” as the asset could soon rally into the $0.000011 territory.
Shiba Inu took a significant hit from the bearish onslaught that has rocked the crypto market in the past weeks, which saw its price dip to a low of $0.000008522. However, the asset is flashing signs of a comeback with a 10.63% gain from its recent bottom point to $0.000009428.
Buying Opportunity Emerges
Besides, TD Sequential, a popular technical indicator for identifying trend reversals, has confirmed Shiba Inu’s impending bullish recovery. In a recent update on X, market analyst Ali Martinez drew public attention to SHIB’s potential action.
Martinez disclosed that a buy signal has emerged for Shiba Inu, stemming from the established candlestick formations observed on the asset’s 3-day chart. Notably, the analyst reached this conclusion following suggestions from the TD Sequential indicator.
He mentioned that the technical indicator has exhibited remarkable accuracy in forecasting Shiba Inu price fluctuations in the past. Now, it is flashing another buy signal, suggesting that SHIB might be preparing for an upward movement.
To properly establish his claim, Martinez shared a chart illustrating past instances where the TD Sequential indicator accurately spotted exhausted trends and Shiba Inu reversals.
In particular, the indicator signaled a buying opportunity for Shiba Inu last October, coinciding with the asset’s low point of around $0.0000066. Subsequently, a bullish surge of 37.47% drove the price to $0.000009073 by November of the same year.
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Martinez’s chart highlighted that TD Sequential recognized the exhaustion of the rally during that month and projected a brief correction. This was followed by a 28.40% rally, bringing the price to $0.00001165 by December 2023.
Shiba Inu Set to Reclaim $0.000011 Territory
Following the prolonged bearish trends observed in the market since then, the indicator signals another Shiba Inu buying opportunity. The prominent analyst argued that the projected breakout could propel Shiba Inu to $0.000010.
Moreover, he urged enthusiasts to keep their eyes on the $0.000011 territory, the price points it rocked in the last days of 2023. Where this forecast comes to fruition, Shiba Inu investors may be netting a 27.75% gain, considering SHIB’s market value of $0.000009119.