- Expert analysis suggests potential corrections for Shiba Inu and Dogecoin despite recent bullish performance in the crypto market.
- The TD Sequential indicator serves as a warning signal in the crypto market, prompting traders to exercise caution in their strategies.
- While Cardano and Injective exhibit bullish trends, selling pressure indicators underline the importance of cautious investing during this market phase.
Major cryptocurrencies, such as Shiba Inu ($SHIB), Dogecoin ($DOGE), Cardano ($ADA), and Injective ($INJ), are facing a potential correction, according to the latest crypto market analysis. The TD Sequential indicator is sounding the alarm for these digital assets despite their recent bullish performance. Expert Ali, who goes by @ali_charts on the X platform (formerly Twitter), suggests that a short-term pullback may be on the horizon, interrupting the upward trajectory witnessed in these cryptocurrencies.
The TD Sequential indicator presents a sell signal on the daily chart of #ShibaInu $SHIB, #Dogecoin $DOGE, #Cardano $ADA, and #Injective $INJ, anticipating a correction before the continuation of the uptrend.
— Ali (@ali_charts) October 30, 2023
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Shiba Inu’s 100SHIB/USDT pair displays a strong uptrend from October 23 to early November. Significantly, the chart’s pinnacle, marked with a red arrow, implies heightened selling pressure. This is evident from the lengthy upper wick of the candle, which reveals that the price faced a considerable push-down from its day’s high. Besides, today’s Shiba Inu price is $0.000008, reflecting a 1.59% dip in 24 hours.
Similarly, Dogecoin experienced a sideways movement before witnessing an upward trend as of November 1. The current price is $0.069172, slightly up by 0.39% in the last 24 hours. However, a long upper wick on the previous candle signals selling pressure, urging traders to proceed cautiously.
Moreover, Cardano’s ADA showcased a bullish momentum until the 27th of October, followed by a consolidation phase and a subsequent sharp increase. Today, ADA’s price is $0.294049, marking a 3.45% increase in the last 24 hours. Nevertheless, the latest candlestick on the ADA/USDT chart points to selling pressure, similar to the other cryptocurrencies.
Injective Protocol’s INJ stands out with its bullish solid movement, especially noticeable from October 27 onwards. Its price today is $13.71, reflecting a 3.30% increase in the last 24 hours. However, the previous candlestick does not escape the trend, showing a significant upper wick and hinting at possible resistance or profit-taking at higher levels.
The crypto market is currently experiencing bullish trends, but it is not immune to potential corrections. The TD Sequential indicator suggests caution for Shiba Inu, Dogecoin, Cardano, and Injective. Despite recent gains, Ali foresees a short-term pullback in these assets. Shiba Inu, Dogecoin, Cardano, and Injective all show signs of selling pressure, emphasizing the need for careful trading strategies in the coming days.
