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

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.

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.