Top 3 Cryptocurrencies To Watch This Week, DOGE, SHIB, ADA: Dogecoin Price Primed For Massive Rally

Last Updated April 4th 2022
5 Min Read
  • Dogecoin price eyes a sustained move above the $0.15 figure amid bullish crossover and RSI.
  • Shiba Inu price takes a breather before kick starting the next uptrend towards $0.000030 and beyond.  
  • Cardano price spots a bull pennant on the 1D chart, focus on the daily close amid bullish fundamentals.

The cryptocurrency market is a mixed bag, as a brand-new week kicks in, with the dominant digital assets, in the form of Bitcoin, Ethereum and Ripple, incurring losses. The granddaddy of cryptocurrencies once again failed to extend its advance beyond $47,000, fueling concerns across the board.

Amongst the DeFi tokens, Dogecoin, Shiba Inu and Cardano are likely to hog the limelight in the week ahead. DOGE price is enjoying sizeable gains after Tesla Inc.’s founder Elon Musk announced that he bought a stake in Twitter.

Meanwhile, Cardano price is also looking northwards following the news that American rapper Snoop Dogg will release some of his unreleased music and limited-edition pitches as NFT on the Cardano blockchain. 

In the previous week, Shiba Inu detailed its vision to enter the so-called Metaverse, which could likely compete with Decentraland.

 Let’s see how are these coins positioned on the technical graphs?  

Dogecoin price remains poised for massive gains above $0.15

Dogecoin price is setting out the week on a firmer footing this Monday, extending Sunday’s explosive rally, as a sustained move above the $0.15 barrier appears inevitable.

Following the previous week’s consolidative phase, DOGE bulls returned with pomp and show, refreshing two-month highs at $0.1565 earlier on.

The price of Dogecoin saw a quick pullback, thereafter, allowing bulls to catch a breather before resuming the next move northwards.

At the time of writing, DOGE price is trading around $0.15, gaining 2.18% so far. The dog-faced digital currency reversed the weekly loss to settle the last week roughly 1% higher.

From a short-term technical perspective, DOGE bulls are eyeing a sustained break above the horizontal trendline resistance around $0.1530.

Only a daily closing above the latter will offer the much-needed boost DOGE buyers to unleash the additional recovery towards the February 13 high of $0.1582. Ahead of that the daily highs of $0.1565 could offer some immediate resistance.

DOGE bulls will then remain focused on the February 7 highs of $0.1730 should the upbeat momentum extend in the coming days.

The 14-day Relative Strength Index (RSI) continues to point north toward the overbought region while currently standing at 65.40, justifying the upsurge in DOGE price.

Adding credence to the move higher, the 21 and 50-Daily Moving Averages (DMA) bullish crossover, confirmed on Sunday, remains in play.

DOGE/USD daily chart

DOGE/USD: Daily chart

Alternatively, failure to find a strong foothold above the $0.1530 supply zone on a daily closing basis could prompt a pullback towards the downward-sloping 100-DMA at $0.1435.

The further declines will retest the intraday lows at $0.1413, below which the bullish 21-DMA at $0.1324 could be probed. At that level, the April 1 low aligns.

Related: Dogecoin (DOGE) Price Prediction

Shiba Inu price gears up for a firm break above $0.000030

Shibu Inu price is failing to find any inspiration from its canine-themed rival, Dogecoin, as it is reversing a part of the previous 4% rebound amid sluggish crypto markets.

SHIB price is turning south after meeting sellers around the $0.0000275 region for the third day in a row on Monday.

SHIB buyers, however, are giving a tough fight, limiting the downside as the Dogecoin-killer is posting modest losses to now trade just below $0.0000270.

As observed on the daily sticks, the price of Shiba Inu has managed to bounce off a brief dip below the downward-sloping 100-Daily Moving Average (SMA) at $0.0000264, which is seen as the immediate support.

If the bullish interests sustain a break above the aforesaid barrier at $0.0000275, then a fresh uptrend towards the critical $0.000030 mark will be on the table.

Acceptance above the latter will bring the focus back on the ascending 200-DMA at $0.0000309.

The 14-day RSI has stalled its descent, now turning flat above the midline, allowing room for the additional upside.

Meanwhile, a bullish signal could be flashed if the 21-DMA manages to pierce through the 50-DMA on a daily closing basis.

SHIB/USD daily chart

SHIB/USDT: Daily chart

On the other side, a breach of the 100-DMA could revive the bearish momentum, which could see SHIB sellers challenging the powerful demand area around $0.0000248, where the 21 and 50-DMAs hang around.  

Further south, the March 25 lows of $0.0000235 could come to the rescue of DOGE optimists.

Related: Shiba Inu (SHIB) Price Prediction

Cardano bulls keep sight on a massive rally towards $1.780

Cardano price is extending its renewed upside into the second straight day on Monday, registering a bullish start to a new week following three back-to-back weeks of gains.

ADA bulls are looking to take out the last week’s high of $1.246, as the buying interest around the so-called ‘Ethereum-killer’ remains unabated.           

The no. 7 crypto coin is adding 3.46% on the day, gearing up for a big break above the horizontal trendline resistance connecting the February 8 top at $1.263.

Cardano’s daily technical chart is spotting a bullish pennant breakout, which will get confirmed depending on Monday’s closing above the falling trendline resistance at $1.19.  

ADA bulls, however, need to crack the $1.263 barrier convincingly to initiate a fresh uptrend towards the $1.30 psychological level.

The 14-day RSI is peeping into the overbought region, suggesting that there is enough room for the upside.

The bull cross, as represented by the 21 and 50-DMA crossover in the previous week, keeps the bullish potential well on the cards.   

   ADA/USD daily chart

ADA/USD: Daily chart

On the flip side, daily closing below the rising trendline support at $1.162 will invalidate the bullish continuation pattern if a bull pennant gets confirmed.

The next significant downside target is envisioned at the descending 100-DMA at $1.088.

The last line of defense for ADA buyers is pegged at the bullish 21-DMA at $1.053.

Related: Cardano (ADA) Price Prediction