Top 3 Cryptocurrencies To Watch This Week, SHIB, DOGE, ADA: Dogecoin Bulls On Fire, Eyes On $0.15

Last Updated March 24th 2022
5 Min Read
  • Shiba Inu bulls testing bearish commitments at the critical 50-DMA, as positive RSI turns flat. 
  • Dogecoin price remains on track to take out the 100-DMA barrier as DOGE bulls appear unstoppable.
  • Overbought RSI conditions on the 1D chart unlikely to deter Cardano buyers, as they eye $1.26.

It has been an eventful week for crypto traders, as the continued rally in the cryptocurrencies kept the market mood uplifted. Thus, traders ignored the hawkish Fed outlook and tense Russia-Ukraine situation. 

Positive developments within the crypto market added to the optimism, with $125 million worth of new purchases of BTC by Blockchain protocol Terra shot the Bitcoin price to multi-month highs near $43,500. 

Meanwhile, Dogecoin price shot through the roof after Bitcoin of America, a leading cryptocurrency exchange in the US, added Dogecoin to its BTC ATM Machines, endorsing DOGE’s adoption. 

Cardano price also witnessed a massive breakthrough following a tweet from Charles Hoskinson, the founder of the Cardano network. Hoskinson tweet read: “Remember when I predicted thousands of assets and DApps on Cardano? Well I was wrong, there are now millions of native assets issued and DApps are now in the hundreds. #SlowAndSteady.”

Amongst the DeFi tokens, Shiba Inu, Dogecoin and Cardano are likely to remain traders’ favorite in the balance of this week. How are these coins positioned on the technical graphs?  

Is Shiba Inu price set to end a two-day uptrend? 

The price of Shiba Inu is eyeing the second straight weekly gain while snapping a two-day uptrend this Thursday. SHIB bears are fighting back control amid a fresh selling wave seen across the crypto board. 

In doing so, the canine-themed meme coin is easing from a fresh five-day high of $0.0000253, as it returns to the red zone, reversing the intraday gains. 

Despite the pullback in SHIB price, the bullish potential remains well in place, as the technical setup on the daily chart remains in favor of buyers. 

After confirming an upside breakout from the descending triangle last Saturday, SHIB price has been trading choppy within a familiar range, with the downside cushioned by the mildly bearish 21-Daily Moving Average (DMA) at $0.0000230.

Meanwhile, bulls are losing conviction at the horizontal 50-DMA at $0.0000253. Note that SHIB price has not given a daily closing above the 50-DMA after peaking out on March 1. 

With the 14-day Relative Strength Index (RSI), however, holding above the midline, SHIB optimists are trying their luck to extend the upside. 

Acceptance above the 50-DMA barrier will initiate a fresh rally towards the downward-sloping 100-DMA at $0.0000273.

Further up, SHIB bulls will flex their muscle for a retest of the ascending 200-DMA at $0.0000298.

SHIB/USDT daily chart 032422

SHIB/USDT daily chart. Source: TradingView

Daily closing below the 21-DMA is needed for bears to regain control, with the next significant downside cap seen at triangle resistance now turned support at $0.0000217.

The line in the sand for Shiba Inu buyers is pegged at $0.0000207, the horizontal trendline or triangle support. 

Related: Shiba Inu (SHIB) Price Predictions

Dogecoin bulls biding time before resuming the upsurge

Dogecoin price have been in the green zone so far this week after finding strong bids around the $0.1180 region. 

The rebound in DOGE price has seemingly turned into a fresh uptrend for bulls, as they cheer the encouraging fundamentals news, supportive of Dogecoin’s positioning on the daily graph. 

Thursday’s uptick in the DOGE price has driven the canine-faced coin to fresh four-week highs of $0.1415. At the time of writing, the altcoin is off the monthly peak, trading at $0.1345, still adding roughly 3.50% on the day. 

From a short-term technical perspective, DOGE bulls are taking a breather after an impressive five back-to-back days of advance, which led the price to recapture the two critical upside barriers in the form of the 21 and 50-DMAs – at $0.1199 and $0.1319 respectively. 

The 14-day RSI continues to point north while above the 50.00 level, keeping DOGE bulls alive and kicking. If bullish interests regain momentum, then a test of the bearish 100-DMA at $0.1476 will be inevitable. 

Recapturing the latter will expose the $0.15 threshold, above which doorways will reopen towards the February top of $0.1730.

DOGE/USD daily chart 032422

DOGE/USD daily chart. Source: TradingView

Meanwhile, DOGE bulls will remain in the driver’s seat so long as the 50-DMA is resisted. A sustained move below the latter will lead to an extension of the pullback towards the 21-DMA.

The additional declines will bring the bullish wedge resistance now support at $1.057 back in play. Ahead of that the $0.11 round level could come to the bulls’ rescue. 

Related: Dogecoin (DOGE) Price Prediction

Cardano price has more room to rise amid a bullish technical setup

Cardano price is in complete control of bulls this Thursday, as the altcoin adds about 33% so far this week. 

The underlying upbeat sentiment within the crypto space is helping extend the vertical rise in the ADA price into the fourth consecutive trading day. 

Cardano has emerged as one of the best performers in Thursday’s trading and sits at the highest level in six weeks at $1.166, with bulls keeping their sight on the $1.20 figure. 

Technically, the so-called ‘Ethereum-killer’ has the additional room to rise towards the horizontal trendline resistance, connecting from the February 8 high of $1.263.

The overbought RSI conditions do signal caution for ADA bulls but at this point, they appear less worried amidst a broader market optimism and upbeat fundamental news. 

The price of ADA has reclaimed ground above most of the major daily moving averages in its recent uptrend, now looking to recapture the $1.20 level to unleash the further upside towards the abovementioned critical hurdle at $1.263. 

Even on a corrective pullback, the no. 7 crypto coin remains promising, as bargain hunters will jump into cash in on another uptrend. 

ADA/USD daily chart 032422

ADA/USD daily chart. Source: TradingView

Alternatively, if the upside loses momentum, any correction could face initial demand at the bearish 100-DMA at $1.109.

The next relevant support awaits at the flattish 50-DMA at $0.955, below which a fresh downswing could be kicked off towards upward-pointing 21-DMA at $0.870. 

All in all, Cardano’s path of least resistance appears to the upside in the near term. 

Related: Cardano (ADA) Price Prediction