Top 3 Cryptocurrencies To Watch This Week, SHIB, CRO, SOL: Where Is The Bottom For CRO Price?

Last Updated May 2nd 2022
6 Min Read
  • Shiba Inu resumes the decline, as $0.000020 appears at risk once again amid bearish technicals.
  • price remains extremely oversold but not out of the woods yet amid the extended crash.
  • Solana price drops back towards the $84.50 support area amid a bearish crossover and RSI.

Cryptocurrencies remain a mixed bag at the onset of a key week, focused on the Fed monetary policy decision. The world’s most powerful central bank is set to hike the key rates by 50 bps this Wednesday, reaffirming the bank’s commitment to combating inflation.

The hawkish Fed bets-driven unrelenting US dollar demand keeps weighing on the USD-priced in dominantly digital assets, including Bitcoin, Ethereum and Ripple. The pioneer cryptocurrency, however, is attempting a recovery towards $39,000.

The altcoins are struggling to take cues from Bitcoin’s renewed upside, as fundamental reports fail to support them. For instance, CRO price remains battered on news that would reduce rewards on the usage of its Visa-enabled cards based on the tiers offered. 

Meanwhile, Solana price suffers, in the face of increased Solana network activity in tandem with the NFT popularity. Let’s see how Shiba Inu, and Solana are positioned on the technical graphs.

Shiba Inu price: Sellers return after rejection above $0.0000220

After the previous week’s tumble to three-month lows of $0.0000183, Shiba Inu price staged an impressive comeback on Sunday, starting out a fresh week on a positive note.

The joy for SHIB bulls, however, was short-lived as bears fought back control this Monday after the canine-themed meme coin failed to resist above the $0.0000220 region.

The renewed weakness has reactivated the ongoing downbeat momentum, as SHIB sellers once again eye a sustained move lower below the $0.000020 key support.

As observed on the daily chart, the bear cross was confirmed on Saturday, after the 21-Daily Moving Average (DMA) crossed the 50-DMA for the downside, keeping the selling bias intact around SHIB price.

Adding to it, the 14-day Relative Strength Index (RSI) has turned lower yet again while below the midline, allowing room for more declines.

Selling resurgence is likely to put the $0.000020 level at risk, below which SHB bears will look to retest the multi-month troughs near $0.0000180.

Further south, sellers could smash SHIB price towards the levels not seen since January 22 this year. That demand area is aligned at $0.0000170.

The last week’s sell-off got extra legs after Shiba Inu price breached the three-week-old rising trendline support at $0.0000225 on a daily closing basis.

Shib/usd daily chart

SHIB/USDT: Daily chart

On the upside, SHIB bulls really need to find a strong foothold above the $0.0000220 round figure. If this occurs on a sustained basis, then it would open doors for the additional recovery towards the abovementioned trendline support now resistance at $0.0000226.

A fresh upswing towards the confluence zone at around $0.0000245 cannot be ruled out should the recovery momentum pick up pace. That supply area is where the 21, 50 and 100-DMAs hang around.

Related: Shiba Inu (SHIB) Price Prediction price keeps falling as bears refuse to give up bears remain supercharged, despite Monday being the fifth straight day of downfall, as the selling interest around CRO coin remains unabated.

In doing so, CRO price is extending the previous crash, sitting at the lowest level in six months of $0.2880, eroding 20% over the past two days.

Amidst the meltdown in CRO price due to the latest fundamental news, coin recorded five consecutive weeks of heavy losses, with no bottom in sight as yet.

From a short-term technical perspective, the downward spiral in CRO price kicked in after the altcoin confirmed a downside break from a seven-week-long pennant formation on April 25.

There has been no respite for CRO bulls ever since even though the 14-day RSI is lurking in an extremely oversold territory.

The bearish potential remains in place for CRO sellers until the price reaches the pattern target measured at $0.2665.

Therefore, there is room for a $200 fall still, although a temporary rebound cannot be ruled before the next downswing comes into effect.

cro/usd daily chart

CRO/USDT: Daily chart

CRO bulls need to recapture the key support now resistance near $0.3332, which is Sunday’s close price and Monday’s opening rate.

The next stop for CRO buyers is seen at $0.3500 – the psychological level, above which Sunday’s high of $0.3656 will come to their rescue.

To conclude, any rebound in the price of CRO is likely to be considered a good selling opportunity, with bears showing no signs of exhaustion.

Related: Coin (CRO) Price Prediction

Solana price remains skewed to the downside amid bearish technical setup

Solana price failed to preserve the previous upturn, as it turns south amid a mixed mood seen across the crypto board.

The renewed downside is calling for a retest of the critical daily horizontal trendline near $84.50. At the time of writing, SOL price is trading at $88.24, down modestly on the day.

The no.6 crypto coin has lost around 10% over the past seven days, with more pain in the offing after bulls faced staunch rejection at mid-$100s during end-April.

Solana’s daily technical setup remains in favour of bearish traders after SOL price charted a bear cross, earlier on. The downward-sloping 21-DMA pierced through the 100-DMA from above, flashing a bearish signal.

Daily closing below the aforesaid critical trendline support is crucial to resume the downtrend from the April 20 peak of $110.93.

Should the downside intensify SOL bears will prepare for the additional declines for a test of the mid-March bottom near $78.00.

The RSI on the said timeframe is pointing south, keeping its range below the central line while suggesting there is more scope for sellers to flex their muscles.  

Sol/usd daily chart

SOL/USD: Daily chart

On the flip side, any recovery attempts need to seek validation above the $90.00 round figure, opening gateways towards Saturday’s high of $94.97.

Acceptance above the latter on a daily candlestick closing basis will revive the bullish interest in conquering the $100.00 threshold once again.   

Ahead of that target, the convergence of the 21 and 100-DMAs at $99.33 will challenge the bearish commitments.  

Related: Solana (SOL) Price Prediction