Top 3 Cryptocurrencies To Watch This Week, SHIB, ETC, AVAX: Will ETC Bulls Recapture 200-DMA?

Last Updated March 21st 2022

5 Min Read

Shiba Inu price remains poised to take out the 50-DMA barrier as SHIB bulls appears unstoppable.

Ethereum Classic price take a breather just below 200-DMA, demand from crypto miners underpins.

Avalanche price looks to regain the $100 mark amid bull flag confirmation on the 12H chart.

The crypto market is in a better space this week, as bulls pause after the previous week’s relief rally. Bitcoin is struggling to extend the uptrend while hovering around $41,000, at the time of writing. Ethereum is gaining 1.50% on the day, battling the $2,900 level.

The optimism on a potential de-escalation of the Russia-Ukraine conflict had buyers retain charge a week ago. The latest developments surrounding the Ukraine crisis will continue to lead the sentiment this week.

The altcoins also appear promising, looking to extend the rally, with Shiba Inu, Ethereum Classic and Avalanche expected to hog the limelight.

The massive spike in Ethereum Classic these days could be attributed to a switch in demand from cryptocurrency miners, as they flock to ETC ahead of Ethereum completing its transition to a proof-of-stake protocol.

Meanwhile, Avalanche witnessed a strong week, with the cherry on the icing was Saturday’s comments from Emin gün sirer, founder and CEO of AVAX. Emin gün sirer, in his twitter thread shared reasons why avalanche price is expected to grow exponentially.

Amongst the DeFi tokens, Shiba Inu, Solana and Dogecoin are likely to remain in the spotlight this week. How are these coins positioned on the technical graphs?

Shiba Inu bulls gaining conviction around 21-DMA

Having found solid bids near $0.0000225, the price of Shiba Inu is on a steady recovery mode, making for a positive start to the week.

SHIB bulls remain poised to extend the previous week’s uptrend, tracking the bullish sentiment seen across the crypto market.

Therefore, the ongoing phase of consolidation signals that a big move higher could be in the offing, which will likely reverse Sunday’s 4.20% loss. Despite the down day, SHIB price gained roughly 7.50% over the week.

Technically, Shiba Inu needs to recapture the critical short-term resistance, in the form of the 21-Daily Moving Average (DMA), now at $0.0000234 to gain the conviction for the further upside.

Daily closing above the latter will provide the much-needed impetus to SHIB bulls, allowing them to kick off a fresh advance towards the flattish 50-DMA at $0.0000252. The previous week’s high also hangs around that level.

The next significant line of defense for Shiba sellers is envisioned at the downward-sloping 100-DMA at $0.0000276.

SHIB buyers remain hopeful in the wake of the upside breakout from a descending triangle breakout, confirmed Saturday.

SHIB/USDT 12-hour chart. Source: TradingView

The 14-day Relative Strength Index (RSI), however, continues to lurk in the bearish region, below the midline, warranting caution for bulls.

If the canine-themed meme coin fails to find acceptance above the 21-DMA, then sellers could fight back control to test the triangle resistance now turned support at $0.0000225.

The triangle support at $0.0000213 will be a tough nut to crack for SHIB bears.

Related: Shiba Inu (SHIB) Price Predictions

Ethereum Classic remains extremely overbought but bulls refuse to give in

Ethereum Classic price has stalled its vertical rise seen over the past three consecutive trading days, as bulls catch a breather before resuming the next leg higher.

Although any corrective declines in the ETC price appear short-lived, as traders bet that the last week’s recovery rally in cryptocurrencies is set to extend this week.

Therefore, pullbacks in ETC price could be seen as ‘buy the dips’ trade, allowing traders, who felt left out in the recent rally, to take advantage of the bullish wave.

From a short-term technical perspective, ETC bulls failed to find a strong foothold above $40.50, triggering a retreat in the price. The coin hit fresh 2022 highs on Sunday at $40.55, rallying nearly 13% on the day.

At the time of writing, the altcoin is trading almost unchanged on the day around $38.50 levels, with the pullback likely justified by the overbought conditions on the daily RSI.

Should the correction regain momentum, then ETC bears will challenge the daily lows of $35.98 once again.

A fresh downswing will kick in below the last, exposing Sunday’s low of $32.76. Should the move lower accelerate, then ETC sellers will target the horizontal 100-DMA at $30.60.

ETC/USD daily chart. Source: TradingView

Alternatively, the renewed buying interest could prompt ETC bulls to attack the three-month highs, above which the next fierce resistance is pegged at $41.55, the mildly bearish 200-DMA.

A sustained move above the latter will confirm an extension of the ongoing uptrend towards the levels last seen in early December 2021.

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

After a brief aberration seen on Sunday, Avalanche price has resumed its last week’s staggering rally, as bulls eye more gains in the coming days.

In doing so, AVAX price sits at the highest level since February 17 at $92.55, looking to recapture the $100 mark, as it adds about 7% so far this Monday.

AVAX price ended a five-week losing streak, witnessing a whopping 25% rebound in the previous week, outperforming most of its altcoin rivals.

As observed on the 12-hour chart, the latest consolidative mode that followed the last week’s upsurge carved out a bull flag formation.

The bullish continuation pattern got confirmed after the Avalanche price gave a 12-hourly candlestick closing above the falling trendline resistance at $88.41.

After the bullish breakout, the altcoin refreshed the monthly top, now reversing in what could be called as a brief correction.

The latest downtick in the RSI coincides with the pullback in AVAX price. But the leading indicator still holds comfortably above the central line, keeping buyers hopeful.

The additional declines could threaten strong a demand area around $86.40, where the horizontal 200- Simple Moving Average (SMA) and the pattern resistance-turned-support converge.

The next stop for sellers is aligned at $85.00, the round level.

AVAX/USD daily chart. Source: TradingView

However, the 21-SMA is set to cross the 50-SMA for the upside, which if materialized will flash a bullish signal, strengthening the bullish view.

Ahead of the $100 psychological barrier, AVAX bulls will look to scale the February 17 high of $98.77.