After days of anticipation, Shiba Inu is finally issuing a buy signal on the daily chart, suggesting that the current downtrend may soon be over.
Notably, the downtrend lasted for almost three weeks as SHIB failed to recover the price range of $0.00003 since falling below this price mark on December 9th.
Shiba Inu issues a buy signal
Interestingly, Shiba Inu’s pullback on December 22 led to a retest of the $0.000020 support level, after which the dog-themed meme coin recovered slightly and reclaimed $0.000023. Given this recovery, market analyst Ali Martinez believes that the correction could soon be over.
The TD Sequential indicator presented a buy signal #ShibaInu $SHIB Daily chart, expecting a rebound to $0.000026 or even $0.000029! pic.twitter.com/N2QZSs0nCl
– Ali (@ali_charts) December 24, 2024
For comparison, data from the daily chart suggests that the TD Sequential indicator has given a buy signal for Shiba Inu. The TD Sequential helps traders identify trend exhaustion and reversals, and the buy signal suggests that the downtrend is weakening.
Citing this reference, Martinez revealed that he expects it possible recovery towards the price region of $0.000026. The last time Shiba Inu reached this level was on December 18th, when it abandoned it with a price drop of 8.62% on that day.
After reclaiming the $0.000026 mark, Martinez expects the dog-themed asset to rise to the $0.000029 mark. The recovery of this region could give the bulls enough strength to once again keep an eye on $0.00003 psychologically relevant region.
The recent price drop
The last time SHIB retested the $0.00003 level was almost three weeks ago, resulting in a sustained…
