Injective (INJ) Buy Signal That Led To 700% & 555% Rallies Forms Again

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

post
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.

Related
Reading

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.

Related
Reading

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