Top 3 Cryptocurrencies To Watch This Week, SHIB, LINK, BCH: Chainlink Bears Eye $10 Mark  

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Last Updated April 18th 2022
5 Min Read
  • Shiba Inu price is defending 50-DMA support at $0.0000245, daily closing above the latter is critical.     
  • Chainlink price remains exposed to additional downside risks after teasing bear pennant on the 1D chart.
  • Bitcoin Cash price eyes a sharp sell-off towards the $290.50 key support, as technicals favor bears. 

Bears continue to dominate starting out a new week, as the cryptocurrencies feel the heat of the broad risk-aversion, fuelled by the global growth risks emanating from a protracted Russia-Ukraine war.

Meanwhile, concerns over the US tax return deadline fast approaching also keep investors on the edge. For American investors, the deadline to submit 2021 tax returns or an extension to file and pay the tax is Monday, April 18.

Against this backdrop, Bitcoin, the pioneer digital asset, dropped back below the $40,000 level to test the $38,500 critical support. Ethereum remains heavy below the $3,000 mark.

The sentiment within the crypto markets remains sluggish, leading to a dour mood in the altcoins as well. Shiba Inu, Chainlink and Bitcoin Cash are likely to offer good trading opportunities this week, with odds in favor of bearish traders.

Let’s take a look at how these three coins are positioned on the technical graphs.

Shiba Inu Price Sees A Quick Rebound, Will It Last? 

Shibu Inu price is seeing a brief turnaround after falling as low as $0.0000236 earlier this Monday, registering fresh six-day lows. 

In doing so, SHIB bulls are pausing a corrective decline from two-month highs of $0.000030 reached last Tuesday. 

The canine-themed crypto coin enjoyed good two-way business in the previous week, closing the week with modest gains, as SHIB buyers fought back control. 

At the time of writing, Shiba Inu price is trading almost unchanged on the day at $0.0000246, looking to extend the recovery, despite a bearish tone seen across the crypto board. 

As observed on the daily sticks, Shiba Inu optimists are trying hard to retain ground above the horizontal 50-Daily Moving Average (SMA) at $0.0000245.

If they emerge victorious, the recovery in SHIB price could extend towards the critical confluence resistance near $0.0000255. That zone sees the bearish 21 and 100-DMAs closing in.

Acceptance above the latter on a daily closing basis will then clear the pathway for a retest of the $0.000030 mark. 

The 14-day Relative Strength Index (RSI) is recovering from lower levels, justifying the renewed upside in SHIB price. The leading indicator, however, remains below the midline, suggesting that the recovery stint could be short-lived. 

SHIB/USDT daily chart 041822

SHIB/USDT daily chart. Source: TradingView

On selling resurgence, the downside could reopen towards the ascending trendline support at $0.0000220 should the 50-DMA give way on a sustained basis. 

The additional declines will then expose the $0.000020 demand area if SHIB bears remain unrelenting.

Related: Shiba Inu (SHIB) Price Prediction

Chainlink Price: More Pain In The Offing Amid Bearish Technicals

After a massive wind down on Sunday, Chainlink price is continuing with its bearish mood, having hit five-week lows of $13.15 in Monday’s early European trading.

Since then, LINK bulls are struggling to stage a convincing recovery, as sellers keep lurking just shy of the $14 threshold. This could be also linked to the damp mood within the crypto market. 

Amidst the minor recovery attempts, LINK price is now losing 2.05% on a daily basis, leaving the rates to gravitate around $13.50.

From a short-term technical perspective, the downside remains more compelling for LINK price, in the wake of a bearish setup on the daily chart. 

LINK price is teasing a downside breakout from a two-week-old bear pennant pattern, which will get confirmed if Chainlink manages to close Monday below the rising trendline support at $13.74.

This prior support has now turned out to be a strong resistance for SHIB bulls should the rebound gain traction going forward.

Recapturing the latter is critical for the survival of LINK bulls, which would set off a meaningful upside towards the previous week’s range highs around $14.30.

Further up, the horizontal 50-DMA at $14.96 will be the level to beat for LINK buyers.    

LINK/USD daily chart 041822

LINK/USD daily chart. Source: TradingView

Alternatively, a daily close below the abovementioned barrier will validate the bearish continuation pattern, opening floors for a fresh sell-off towards the $10 psychological mark. 

LINK bulls, however, could be rescued by the March lows near $12.50. The 14-day RSI points south well below the central line, allowing room for more declines. 

Related: Chainlink (LINK) Price Prediction

Bitcoin Cash Price Flirts With Critical Daily Support Line 

Bitcoin Cash price is reversing a dip to five-day troughs of $312.80, as bears catch a breather after two back-to-back days of heavy losses.

Despite the rebound in BCH price, bulls are lacking the follow-through upside conviction following a dismal start of a fresh week.

At the press time, Bitcoin cash price is trading close to $321, losing 2.30% on the day. The altcoin is reversing a major part of the previous week’s 2.65% gain. 

Bitcoin Cash’s daily technical chart remains in favor of bears, so long as the coin remains below the downward pointing 21-DMA at $346.22.

That said, the immediate upside hurdle is aligned near $330.00, where the bearish 100-DMA and ascending 50-DMA hang around.

The next relevant barrier northwards is envisioned at $335.00, the round level. Although BCH buyers need acceptance above the 21-DMA to confirm a bullish reversal in the near term.

BCH/USD daily chart 041822

BCH/USD daily chart. Source: TradingView

With the 14-day RSI, however, heading south towards the oversold region while below 50.00, risks remain skewed to the downside. 

BCH sellers need to find a strong foothold below the horizontal trendline support at $320.00, below which the multi-day lows could be probed once again. 

A failure to resist above that support will trigger a fresh downswing towards the $290.50 region, which is the confluence of the March 18 and April 11 lows. 

Meanwhile, the bear cross spotted on April 15 also remains in play, adding credence to the bearish bias in the price of BCH.

Related: Bitcoin Cash (BCH) Price Prediction