The prime time for patient investors to buy prominent altcoins like Solana (SOL), Cardano (ADA), and Shiba Inu (SHIB) may have emerged, drawing from a reliable technical indicator.
In a recent post on X, renowned on-chain analyst Ali Martinez disclosed that the TD Sequential indicator has flashed buy signals for SOL, ADA, and SHIB on their daily timeframe. Accordingly, he projected a significant rebound for the highlighted altcoins.
The TD Sequential presents buy signals on the daily charts of #Solana, #ShibaInu, and #Cardano, anticipating a price rebound for these #altcoins! pic.twitter.com/P8ZOYm9qTu
— Ali (@ali_charts) June 25, 2024
Notably, this buy signal emerged after the most recent market shakeout, during which most altcoins reestablished new multi-week lows. For instance, Solana retested $123, a price point last seen eight weeks ago on May 2.Â
Similarly, Shiba Inu bottomed out at $0.00001642, marking a 38% dip from its June 5 high of $0.00002627. This low is comparable to some of its high values during its initial bullish wave in late February.
However, Cardano has been one of the foremost victims of the ongoing market retracement. Yesterday, Cardano registered a low of $0.3667, though ADA entered this range seven days earlier. Before that, ADA was last seen at the $0.36 region on November 18, 2023. Essentially, ADA has given up all gains accrued so far in 2024.
Considering Cardano established a yearly high at $0.807 on March 14, the asset has plummeted by approximately 55% to the latest low of $0.3666.
Shiba Inu, Solana, Cardano Bull Reversal Confirmed
Meanwhile, SOL, SHIB, and ADA proponents may now look forward to a short-term relief rally amid the buy signal from the TD Sequential indicator. Interestingly, a bullish trend is already taking shape in the altcoin market at press time.
Solana has reached an intraday high of $138.97, gaining around 13% from its $123 low. Cardano has approached the $0.4 mark after a 7.4% increase, and Shiba Inu has similarly posted gains, reaching a floor price of $0.00001765. These positive gains come as Bitcoin remains stable around the $61K threshold.
Beyond the technical indicator suggesting an altcoin reversal, overall sentiment in the crypto market has turned fearful, hitting its lowest point in 2024. Prominent market watchers view this as a bullish signal, further supported by ongoing whale accumulation during the market dip.
However, some analysts caution that Bitcoin might retrace further in the coming days, potentially impacting altcoins, though this does not invalidate the broader bullish trend.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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