Top 3 Cryptocurrencies To Watch This Week, SHIB, DOGE, XRP: Downside Remains Favored

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Last Updated April 28th 2022
6 Min Read
  • Shiba Inu’s path of least resistance appears to the downside but bears need to crack this level.
  • Dogecoin price still reeling from the Musk-Twitter news-led roller coaster ride, more pain in the offing.
  • Ripple price readies for deeper losses after a potential bear flag on the 12-hour sticks.

Despite a swift recovery rally seen in the pioneer cryptocurrency, Bitcoin, over the last hour, markets remain cautious following the wild swing witnessed earlier this week.

Bitcoin has recaptured the $40,000 level, which has triggered a broad turnaround across the crypto board. The altcoins also take the lead from the dominant digital assets. Traders, however, believe the bounce could another opportunity for sellers to re-enter.

The near-term outlook across the crypto market appears bleak amid aggressive Fed’s tightening bets and the Ukraine crisis, which has fuelled the unabated demand for the US dollar.

Meanwhile, for Ripple, the fundamentals seem quite supportive, as investors are seemingly adding XRP to their portfolios. The technical setup, however, paints a bearish picture in the near term.

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

Shiba Inu Price: $0.0000225 Support Appears At Risk Amid Renewed Selling

Shibu Inu price has resumed its ongoing downtrend after a brief pause seen Wednesday, as sellers gathered pace for the next move lower.

In doing so, SHIB price is heading back towards the two-week troughs of $0.0000223 reached earlier this week, as bulls continue to lack any upside follow-through momentum.

SHIB sellers continue to lurk near $0.0000250, keeping the bearish bias intact. Note that the canine-themed meme coin has been on descent after the sharp rally seen on April 12, which tested $0.000030 yet again.

Shiba Inu is shedding 1.75% on the day, as of writing, trading around $0.0000230, on track for the second straight weekly loss.

As observed on the daily chart, Shiba Inu price is defending the critical rising trendline support at $0.0000225, having failed to find acceptance above the 50-Daily Moving Average (DMA) at $0.0000245.

Around that level, the bearish 21 and 100-DMAs also hang, making it a powerful upside barrier for SHIB bulls.

So long as the SHIB price holds below the latter, sellers remain expectant of further downside.

The 14-day Relative Strength Index (RSI) is pointing lower below the midline, backing the downbeat view for the dog-faced crypto coin.

If the selling momentum picks up pace, then SHIB bears will likely crack the abovementioned critical support at $0.0000225, below which the next significant support will be pegged around $0.0000210, the confluence of the March 13 low and February 24 low.

The last line of defense for SHIB bulls is the $0.000020 round figure.

shib/usd daily chart 042822

SHIB/USDT: Daily chart

Only a sustained break of the powerful resistance near $0.0000245 could revive the bullish interest.

Fresh buying opportunities will arise above that hurdle, calling for a test of this week’s high at $0.0000253.

The previous week’s high at $0.0000259 will then be on SHIB buyers’ radars.

Related: Shiba Inu (SHIB) Price Prediction

Dogecoin Bears Keep The Reins After Musk-led Temporary Reversal  

Dogecoin price is back to square one after the massive explosion witnessed on Monday, courtesy of Musk’s Twitter takeover bid.

DOGE bulls briefly recaptured the $0.17 mark but gave in to the bearish pressures, reversing more than half the Musk-induced whopping gains.

This Thursday, the canine-inspired meme coin has pared back most of the previous day’s gains, licking its wounds near $0.1370, posting moderate losses on the day.

From a short-term technical perspective, Dogecoin price has reverted to the previous week’s range, with the upside capped by the horizontal 21-DMA, now at $0.1407.

Meanwhile, the mildly bullish 50-DMA at $0.1354 continues to guard the downside. Although with the 14-day RSI looking bearish below the 50.00 level, a downside break of the 50-DMA support appears well on the table.

DOGE sellers will then target the April 24 low at $0.1307, which could limit the decline towards the April 25 low of $0.1229.

Ahead of that last support, the $0.1250 psychological level could come to the rescue of DOGE bulls.

doge/usd daily chart 042822

DOGE/USD: Daily chart

Meanwhile, DOGE buyers need to find a strong foothold above the 21-DMA resistance to resume the uptrend towards the April 27 high of $0.1458.

The additional upside could then expose the $0.1500 threshold, above which a fresh upswing could be initiated towards the $0.1600 price zone.

Further up, the April 26 high of $0.1667 will challenge the bearish commitment, if DOGE bulls remain determined to retest the three-week peak of $0.1708.

Related: Dogecoin Price Prediction

Ripple Price Targets $0.6000 Amid Bearish Technical Setup

Ripple price is back in the red this Thursday, as sellers fight back control after offering a brief reprieve to buyers on Wednesday.

Despite the renewed downside, the no.3 coin is trading within Tuesday’s range, nursing heavy weekly losses while eyeing the fourth consecutive decline on the week.

Tuesday’s low of $0.6286 appears at risk, as Ripple is losing over 2% on a daily basis, currently trading at $0.6386.

Ripple’s 12-hour technical chart is pointing towards a continuation of the downtrend, as XRP price is teasing a bear pennant formation.

A 12-hourly closing below the rising trendline support at $0.6486 will confirm the bearish continuation pattern, opening floors towards the $0.5000 measured target.

The bear flag is in the making ever since XRP price topped out at $0.7824 on April 19. The downside consolidation over the past 48 hours has helped carve out the bear pennant.

On a bearish breakdown, the initial support is seen at Tuesday’s low. Selling resurgence below the latter will trigger a fresh drop towards $0.6000 the figure.

The RSI on the said timeframe is hovering near 30.00, sitting just above the oversold region, suggesting that there is more room for the downside.

xrp/usd daily chart 042822

XRP/USD: 12-hour chart

On the flip side, if bulls re-emerge and try their luck, the XRP recovery could see some hindrance at the falling trendline resistance at $0.6561.

Acceptance above the latter on the candlestick closing basis will invalidate the bearish pattern, cementing the recovery towards the $0.6600 mark.  

The next bullish target could be aligned at $0.6650, the critical psychological hurdle.

Related: Ripple Price Prediction