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

Injective (INJ), a cryptocurrency asset, is forming a buy signal that has previously resulted in significant price rallies of 700% and 555%. Analyst Ali Martinez has identified a Tom Demark (TD) Sequential signal on the weekly price chart of Injective. The TD Sequential indicator is commonly used in technical analysis to identify potential reversal points in an asset’s price. The signal consists of two phases: setup and countdown. In the setup phase, candles of the same polarity (green/red) are counted up to nine, indicating a turnaround point. The countdown phase then begins, counting candles of the same type up to thirteen, suggesting another potential top or bottom. Martinez highlights that a TD Sequential signal of the former type has formed for Injective, indicating a likely reversal towards an upward trend. Previous instances of this signal have resulted in rallies of over 700% and 555% for the cryptocurrency. However, it is important to note that the TD Sequential indicator has not always been reliable for INJ, as it provided a sell signal halfway through a previous rally. The current price of Injective is trading at $26, within a consolidation range. It remains to be seen how the price will develop and whether the TD Sequential buy signal will have an immediate bullish effect.