The ideal time for patient investors to purchase well-known altcoins such as Solana (SOL), Cardano (ADA), and Shiba Inu (SHIB) may have arrived, as indicated by a reliable technical indicator.
Renowned on-chain analyst Ali Martinez recently revealed on X that the TD Sequential indicator has shown buy signals for SOL, ADA, and SHIB on their daily timeframe. As a result, he predicted a significant recovery for the highlighted altcoins.
It is worth noting that this buy signal appeared after the most recent market turbulence, during which most altcoins reached new multi-week lows. For example, Solana revisited $123, a price point last seen eight weeks ago on May 2.
Similarly, Shiba Inu hit a low of $0.00001642, marking a 38% drop from its high of $0.00002627 on June 5. 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 hardest hit by the ongoing market retracement. Yesterday, Cardano hit a low of $0.3667, although ADA entered this range seven days earlier. Before that, ADA was last seen in the $0.36 region on November 18, 2023. Essentially, ADA has given up all the gains it has made so far in 2024.
Considering Cardano reached a yearly high of $0.807 on March 14, the asset has plummeted by approximately 55% to the latest low of $0.3666.
Meanwhile, supporters of SOL, SHIB, and ADA may now anticipate a short-term relief rally following the buy signal from the TD Sequential indicator. Interestingly, a bullish trend is already emerging in the altcoin market at the time of writing.
Solana has reached an intraday high of $138.97, gaining around 13% from its low of $123. Cardano has approached the $0.4 mark after a 7.4% increase, and Shiba Inu has also posted gains, reaching a floor price of $0.00001765. These positive gains come as Bitcoin remains stable around the $61K threshold.
In addition to the technical indicator pointing to an altcoin reversal, overall sentiment in the crypto market has turned fearful, reaching its lowest point in 2024. Prominent market observers view this as a bullish signal, further supported by ongoing whale accumulation during the market dip.
However, some analysts warn 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.
