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October 31, 2023

Crypto Market Rally: ADA, SHIB, DOGE, and INJ Face Correction, Traders Beware

Ethan Lim
Written byEthan LimWriter
Researched byNikos PapadopoulosResearcher

Introduction

Last week, Cardano (ADA), Shiba Inu (SHIB), Dogecoin (DOGE), and Injective (INJ) experienced a significant rally in the crypto market, with gains of over 10%. However, a well-known analyst, Ali Martinez, has predicted a correction for these cryptocurrencies based on the TD Sequential indicator's sell signal.

Crypto Market Rally: ADA, SHIB, DOGE, and INJ Face Correction, Traders Beware

Correction Expected

According to Martinez, ADA, SHIB, DOGE, and INJ are likely to undergo a correction, which could result in a minimum 10% drop in prices. This correction is necessary before these cryptocurrencies can resume their upward momentum.

Recent Price Movements

In the past 24 hours, SHIB has seen a 2% decrease in price, currently trading at $0.0000079. The 24-hour low and high for SHIB are $0.00000789 and $0.00000808, respectively. Additionally, trading volume has decreased by 20%, indicating a decline in trader interest.

DOGE has also experienced a 1% price drop in the last 24 hours. However, short-selling by traders has led to some upward movement. The 24-hour low and high for DOGE are $0.068 and $0.070, respectively.

ADA, on the other hand, has seen a price increase as traders closed their short positions. It is currently trading at $0.29, with a 24-hour low and high of $0.292 and $0.298, respectively. The Cardano community remains optimistic about the cryptocurrency surpassing the next resistance levels.

Meanwhile, INJ has witnessed a significant rally of nearly 45% in the past week and 85% in the past month, driven by major developments in the artificial intelligence (AI) industry. Currently trading at $14.01, a correction is expected due to profit booking.

Conclusion

In summary, Cardano (ADA), Shiba Inu (SHIB), Dogecoin (DOGE), and Injective (INJ) experienced a notable rally in the crypto market. However, a correction is expected for these cryptocurrencies based on the TD Sequential indicator's sell signal. Traders should be prepared for a potential 10% drop in prices before the upward momentum can continue. It is important to monitor the recent price movements and market trends to make informed investment decisions.

About the author
Ethan Lim
Ethan Lim
About

Ethan Lim, a native of the Lion City, is Singapore’s rising star in the domain of online casino guide localization. He masterfully blends his intimate knowledge of local culture with international gaming standards to produce content that resonates deeply with Singaporeans.

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