Top 3 Cryptocurrencies To Watch This Week, SHIB, APE, XRP: Ripple Price Has More Room For Downside

Last Updated May 9th 2022
5 Min Read
  • Shiba Inu price could rebound before resuming the next downside leg towards $0.0000150.
  • ApeCoin price pauses a five-day sell-off but has room to decline towards $9.65 in the near term.
  • Cardano price eyes more losses before it could attempt a comeback towards $0.60 supply zone.

Global growth concerns remain paramount across the financial market, spilling over in to the crypto markets, as investors give away riskier assets to seek refuge in the ultimate safe-haven the US dollar.

Against this backdrop, Bitcoin, the flagship cryptocurrency tumbles near 4% so far, heading towards $32,500 while Ethereum is closing in on the $2,300 support area. Ripple price is holding the lower ground just above the $0.50 barrier.

Markets are speculating that the pioneer has entered a bear market, fuelling fears of further meltdown across the crypto board. Altcoins have taken the lead from the dominant digital assets.

Amidst the latest updates, Japan's SBI Group has announced the acceptance of XRP payments, making Ripple mainstream. This could help stage a rebound in Ripple price after testing the critical demand area.

Let’s see how Shiba Inu, ApeCoin and Ripple are positioned on the technical graphs.

Shiba Inu price: Bulls could see a temporary reprieve

Shiba Inu price is slightly off the seven-month lows of $0.0000165, having stalled its five straight days of selling spiral earlier this Monday.

SHIB price extended last week’s weakness into a fresh week, as bears refuse to give up amid a dour mood seen across the financial market.

The latest leg down in the canine-themed meme coin saw the rates eroding over 10% of its value, accelerating the decline on a sustained break of the critical $0.000020 barrier.

Technically, the bearish grip around SHIB price strengthened on Friday after the coin confirmed a bear flag breakdown on the daily sticks.

That said, SHIB bears found a strong foothold below the rising trendline resistance at $0.0000202 after a failed attempt witnessed on Thursday.

The bear flag formation opened floors for a test of the pattern target measured at $0.0000150, which also happens to be a key psychological barrier.

Ahead of that bearish target, SHIB sellers will need to take out the $0.0000160 round number.

SHIB/USD daily chart 050922

SHIB/USDT: Daily chart

The 14-day Relative Strength Index (RSI), however, has entered into the oversold region, suggesting that a rebound could be in the offing after the relentless slide.

Should SHIB bulls stage a comeback the first hindrance could come in the form of the daily highs at $0.0000187, above which it will be imperative for them to recapture the $0.000020 level.  

Acceptance above the latter will help confirm a bullish reversal, with the next upside barrier seen at the bear flag support, now at $0.0000205.

Related: Shiba Inu (SHIB) Price Prediction

ApeCoin price: Trying hard to find a bottom, will it?

ApeCoin price is struggling to find a bottom, as sellers continue to hold the upper hand, extending the five-day losing streak on Monday.

In doing so, APE price is licking its wounds at the lowest level since April 18 near 10.71, having found strong bids at $10.56, earlier on.

Despite APE bears taking a breather, there seems more room to the downside, as the critical $10.00 mark appears at risk in the immediate term.

The coin ended the previous week deep in the red, extending its correction from all-time-highs of $27.50 reached in the final week of April.

From a short-term technical perspective, APE bears look to flex their muscles towards the horizontal trendline support of $9.65, the level last seen on March 21.

APE sellers will, however, need to clear the $10.00 threshold to unleash the additional downside. A sustained break below $9.65 support area will trigger a fresh downswing towards the $8.00 level.

The downside in APE price was accentuated after the price breached the ascending trendline support at $14.35 on a daily closing basis.

A bear cross also remains in play, adding credence to a potential move lower. The bearish 21-Simple Moving Average (SMA) cut the horizontal 50-SMA from above, flashing a bearish signal.

APE/USD daily chart 050922

APEPERP: 12-hour chart

Over the last hour, the RSI has paused its descent and turned flat, suggesting that APE price could be in search of a bottom.

Any rebound in the APE coin could see a fresh upswing towards the horizontal 100-SMA at $13.97.

The confluence of the rising trendline support now resistance, 21 and 50-SMAs around the $15.00 region will be the level to beat for APE bulls.

Related: ApeCoin (APE) Price Prediction

Ripple price poised to rebound but not yet

Ripple price is nursing losses of around $0.54, attempting a minor recovery from the lowest level since July 2021, as sellers catch a breather after the weekend slump, which continued on the first day of the week.

XRP bears are yielding into the buying pressure seen just above the $0.50 threshold, as bulls try their luck for the last dance.

Although the downside momentum remains intact, with a rebound likely from near the $0.5150 neighborhood.

Therefore, technically, Ripple is set for one last leg lower before the recovery comes into effect. That recovery attempt could initiate after testing the falling wedge support line at $0.5150.

Note that the XRP price is traversing within a falling wedge after topping out at $0.8000 on April 16. The natural tendency of the falling wedge is to seek an upside breakout.

The 14-day RSI in peeking into the oversold region, keeping sellers hopeful for a further downside.

XRP/USD daily chart 050922

XRP/USD: Daily chart

On the flip side, XRP bulls need to scale the $0.60 upside barrier to initiate any meaningful recovery towards the May 6 high of $0.6160.

Further up, the falling wedge upper boundary at $0.6284 will challenge the bearish commitments on the road to recovery.   

The bearish 21-DMA at $0.6472 will emerge as the next crucial line of defense for XRP sellers.

Related: Ripple Price Predictions