As an experienced analyst, I find the TD Sequential buy signal forming on Injective’s weekly chart intriguing. Based on historical data shared by Ali Martinez in his post, the last two occurrences of this setup led to significant price rallies for Injective. The potential for a 700% and 555% surge in the asset’s price is an enticing proposition for any investor.
A financial analyst has noted that Injective may be generating a buy signal, which historically has resulted in substantial price increases of approximately 700% and 555%.
Injective Is Forming A TD Sequential Buy Signal On Its Weekly Chart
Analyst Ali Martinez has written a new article on X, where he explores a significant TD Sequential signal that has emerged in Injective’s weekly pricing chart. The TD Sequential is an established technical analysis (TA) tool employed to pinpoint potential turning points in the price trend of any asset.
During the initial phase, also referred to as the setup, we tally up to nine candles with identical polarity (either green or red). Following this, the price might signal a shift if it has arrived at a potential turning point.
The TD Sequential indicator may indicate a potential bottom for an asset if the candles preceding its formation were red. Conversely, it could recommend selling if the pattern ended in an uptrend.
Once the preparation stage is completed, we move on to the next step, which involves counting the identical candles. During this phase, we tally up these candles until there are thirteen of them. Following the thirteenth candle with the same polarity, the price tends to reach a potential peak or trough.
Based on Martinez’s analysis, a TD Sequential signal of the specified type has been triggered for Injective’s weekly price chart. Kindly find below the shared chart from the analyst that illustrates this recent development in the cryptocurrency market.
According to the graph, the Injective asset has completed a TD Sequential setup indicating a downtrend. This could potentially mean that the asset is ready for a price reversal and may begin to trend upward.
In the given chart, the analyst has marked the previous two instances where the weekly price of the cryptocurrency displayed this particular signal. The initial occurrence seemed to herald a rally that soared past 700%, and the second instance led to a nearly 556% price surge.
As a crypto investor, I’ve noticed that historical trends suggest strong bullish momentum following TD Sequential buy signals. Therefore, with this bullish precedent in mind, I believe there’s a good chance that the recent TD Sequential buy signal could lead to another significant surge in the asset’s price.
It’s important to acknowledge that the TD Sequential indicator hasn’t consistently provided accurate signals for the cryptocurrency in question. The chart illustrates that this was the case during one of the coin’s rallies, where a sell signal was incorrectly triggered midway through.
From my perspective as a crypto investor, it’s uncertain how the Injective price will progress moving forward, and I’m curious if the TD Sequential buy signal will once again trigger a bullish trend, as it has done in the past.
INJ Price
Over the past month, the Injective’s price has been stagnant within a narrow band, hovering around the $26 mark, which represents the midpoint of its current trading range.
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2024-05-28 05:10