2023-11-1 22:16 |
Shiba Inu (SHIB) has seen a resurgence this month, driven by the rise in Bitcoin’s price, which reached $35,000 last week, thanks to the enthusiasm surrounding the launch of a spot Bitcoin ETF in the United States. But will SHIB be able to maintain its bullish movement? This is what the analysts are saying.
On October 25, the popular cryptocurrency analyst Ali Martinez took to Twitter to report that the TD Sequential indicator is giving a buy signal for SHIB on its weekly chart. According to Ali, this is the third time in history that the indicator has generated this signal for SHIB, suggesting that significant price increases for the meme token could be anticipated.
#ShibaInu | The TD Sequential flashed a buy signal on $SHIB weekly chart. Notably, the previous two bullish turns from this indicator led to price surges of 118% and 71%, respectively.
Given the infrequency yet precision of such signals, it's a pivotal moment to keep a keen eye… pic.twitter.com/uwdWbSWFZw
The TD Sequential technical indicator, developed by Thomas Demark, is based on a 9-period price count to identify significant turning points in the market. When it completes the countdown of 9 candles, it generates a buy or sell signal, depending on the previous trend.
Is SHIB gearing up for its next bullish rally?In the case of SHIB, the TD Sequential indicator completed the bearish cycle on October 25, giving a buy signal on the weekly candle. This happened just as the token was bouncing back after a steep decline from its all-time high of $0.0008616, reached on October 28, 2021.
The two previous buy signals on SHIB’s weekly chart occurred in June 2022 and late September 2023. In both cases, the price responded with exponential increases of 118% and 71%, respectively, in the following weeks.
Taking this history into account, Martinez suggests that the current signal could anticipate another significant bullish move for the meme token, which has already seen an increase of over 11% in the past week, according to CoinGecko data.
SHIB Burn Rate Increases by 434%The recent upturn has driven SHIB’s daily trading volume to levels not seen since May. This has led to an exponential increase in the SHIB token burn rate, a process that permanently removes tokens from circulation. Yesterday, SHIB’s Burn Rate surged by 434%, reinforcing the bullish sentiment around SHIB, according to data from Shibburn, the first project dedicated to analyzing crypto burns.
While SHIB appeared destined to disappear after plummeting by 97% from its all-time high, this new buy signal on the weekly chart has restored optimism among its holders, demonstrating that it can continue to compete against Dogecoin, the most popular meme coin in the market, with a market capitalization of $9.6 billion.
With the growing interest of investors and positive data from various technical indicators, SHIB seems poised to surprise everyone with a new bullish move to the coveted $0.001 SHIB price. However, monitoring Bitcoin’s behaviour will be essential for a clearer outlook on the direction of the cryptocurrency market.
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