DOGE, SHIB, and ADA hint at correction before bullish continuation
As the majority of assets in the cryptocurrency sector open another week on a bullish note, things are no different for Dogecoin (DOGE), Shiba Inu (SHIB), and Cardano (ADA). However, one indicator has suggested that the gains for some of the largest crypto assets by market capitalization might temporarily slow down.
Specifically, crypto trading expert Ali Martinez observed that the TD Sequential indicator was demonstrating a sell signal on the daily chart for Cardano, Shiba Inu, Dogecoin, and Injective (INJ), suggesting that a correction could occur before they continue on the uptrend, as he said on October 30.
Indeed, created by market analyst Tom DeMark, the TD Sequential indicator is a technical Analysis (TA) tool that helps identify specific points at which an asset’s price might change direction. In other words, it assists in assessing continuation patterns and trend reversals in financial markets, including the crypto market.
SHIB price analysis
Meanwhile, Shiba Inu was at press time changing hands at the price of $0.00000803, which means it is down 0.61% on the day but is still recording growth of 10.51% and 9.75% on its weekly and monthly charts, respectively, according to the latest information retrieved on October 30.
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It is also important to mention that the Shiba Inu developers have recently kick-started the countdown for the launch of a revolutionary SHIB identity on the blockchain, which promises to add more utility to the SHIB crypto asset and is part of the mission to incorporate Self-Sovereign Identity into all projects in the ecosystem, with potential to strengthen the price of this cryptocurrency.
DOGE price analysis
At the same time, Dogecoin was recording price gains on all of its observed charts, including an advance of 0.76% on the day, increasing 7.92% over the past week, and growing 12.43% on its monthly chart, currently trading at $0.06958, as the most recent information suggests.
Notably, DOGE has recently broken out of a multi-year descending triangle chart pattern on its weekly chart, which reinforced DOGE’s bullish outlook along with the “confirmation of a buy signal from the TD Sequential indicator within this timeframe,” as Martinez himself pointed out on October 29.
Cardano price analysis
Finally, Cardano was at press time changing hands at the price of $0.29757, which indicates an increase of 1.16% in the last 24 hours, adding up to the 12.22% gain across the previous seven days, as well as an advance of 18.64% over the past month, as the most recent charts show.
Indeed, Cardano has seen an impressive recovery in the past two weeks, fueled by the formation of a double bottom, a generally bullish and positive chart pattern used in identifying and executing profitable trades, as well as a generally optimistic sentiment in the wider cryptocurrency market.
It is also worth noting that Cardano’s uptrend, following the possible correction predicted above, could continue thanks to other factors as well, such as the total value locked (TVL) in it nearing a massive milestone of $200 million, according to the data retrieved from blockchain analytics platform DeFi Llama on October 30.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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