Stellar Completes TD Sequential Buy Signal
Stellar has formed a technical signal that previously preceded a significant price surge. The cryptocurrency completed a TD Sequential buy signal on its weekly chart, similar to what happened in March when the same pattern emerged before a major upward move. This time around, Stellar trades at $0.243, down over 4% in the past week.
According to Ali Martinez, a cryptocurrency analyst who spotted the signal, Stellar completed the setup phase of the Tom Demark Sequential indicator on its weekly chart. The indicator identifies potential price reversals by counting candles of the same polarity through two distinct phases.
The setup phase ends after nine candles, and a bullish signal emerges when those nine red candles complete the sequence, suggesting an upward reversal is possible. In this case, Stellar just finished the setup with nine red candles, indicating the downtrend may be exhausting itself.