An analyst has pointed out that Injective is forming a buy signal that previously led to 700% and 555% rallies for the asset’s price.
Injective Is Forming A TD Sequential Buy Signal On Its Weekly Chart
In a new on X, analyst Ali Martinez has discussed a Tom Demark (TD) Sequential signal that has formed in the weekly price of Injective recently. The TD Sequential refers to an indicator in technical analysis (TA) generally used for spotting potential points of reversal in any asset’s price.
This indicator involves two phases: setup and countdown. In the first of this setup, candles of the same polarity (green/red) are counted up to nine. Once the nine candles are in, the price may have reached a turnaround point.
Naturally, the TD Sequential would suggest a probable bottom in the asset if the candles leading up to the setup’s completion were red. Similarly, the indicator would signal selling if the phase finished with an uptrend.
After the setup is done, the countdown phase begins. During this second phase, candles of the same type are again counted, this time till thirteen. After the thirteenth candle of the same polarity, the price may be assumed to have encountered another likely top or bottom.
According to Martinez, a TD Sequential signal of the former type has been completed for the Injective’s weekly price. Below is the chart shared by the analyst that reveals this recent signal in cryptocurrency.
As the graph shows, Injective has finished a TD Sequential setup with a downtrend, suggesting that the asset may have reached a point of reversal towards the upside.
In the chart, the analyst has highlighted what happened the last two times the weekly price of the cryptocurrency encountered this signal. The first of these signals appeared to have preceded a rally of over 700%, while the other resulted in a surge of almost 556%.
Thus, given this bullish precedence, it’s possible that the latest TD Sequential buy signal could also lead to another run of sharp bullish momentum for the asset’s price.
However, it should be noted that the TD Sequential hasn’t always been completely reliable for the coin. As is visible in the graph, the indicator flagged a sell signal partway through the second of the rallies above.
As such, it remains to be seen how the Injective price develops from here on out and whether the TD Sequential buy signal will have an immediate bullish effect, just like it did the last two times.
INJ Price
The Injective has been stuck in consolidation over the past month. Its price is currently trading around $26, right in the middle of the range.
Featured image from Shutterstock.com, charts from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
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