An analyst has pointed out how XRP and Solana are among the altcoins that have just observed a Tom Demark (TD) Sequential buy signal on their 4-hour prices.
Four Altcoins Are Seeing A Buy Signal On The TD Sequential
In a new post on X, analyst Ali Martinez has talked about the TD Sequential signal that four different altcoins have seen on their 4-hour charts. The “TD Sequential” is an indicator from technical analysis (TA) used to locate probable turnaround points in a given asset’s price.
The indicator involves two phases: the setup and countdown. During the first of these the setup, candles of the same color are counted up to nine. The nine candles don’t have to be consecutive.
Once the counter hits nine, the setup is said to be complete, and the price could be assumed to have reached a reversal location. If the candles leading up to the setup’s completion were green, the TD Sequential would imply a top for the asset. Similarly, if they were red, the indicator would suggest a change of direction to the upside.
The second phase, the countdown, begins as soon as the setup is over. This phase of the indicator works in the same manner, save for the fact that candles are meant to be counted up to thirteen instead this time. After the thirteen candles of the same polarity, another potential top or bottom could be considered to have been reached by the asset.
Now, here are the charts shared by Martinez that show the completion of the TD Sequential phase of the first type for four altcoins: XRP (XRP), Solana (SOL), Maker (MKR), and Worldcoin (WLD).
Looks like all of these assets have formed the signal after red candles | Source: @ali_charts on X
As is visible in the above graph, the four-hour prices of XRP, Solana, Maker, and Worldcoin have all completed a TD Sequential setup with nine red candles. This naturally means the indicator gives a buy signal for these altcoins.
The pattern has taken shape as assets across the cryptocurrency sector have crashed following the US Federal Reserve taking a cautious approach towards further interest rate cuts.
If the TD Sequential is anything to go by, at least XRP and the other altcoins may be set to see some renewal of bullish momentum shortly.
XRP Price
XRP slipped as low as under $2.18 during the crash earlier in the past day, but the coin appears to have seen a small rebound since then, as its price is now trading around the $2.31 mark.
Below is a chart that shows how the asset’s performance has looked over the last few days.
Featured image from Dall-E, charts from TradingView.com
Keshav Verma
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
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