- Shiba Inu is consolidating for the next leg up, as the 12H technical setup leans in favor of bulls.
- Ziliqa price pulls back from near May 12 highs as bulls bide time before the next pump up.
- Cardano price needs that one push to scale the $1.263 hurdle, with bull cross in play.
Cryptocurrencies are on the defensive this Thursday, as bulls seemingly catch a breather after solid gains seen in some of the dominant digital assets.
Despite a brief pullback across the crypto market, Bitcoin keeps its range around the $47,000 level, looking promising from a long-term perspective.
The uptrend in Bitcoin has caused the altseason to kick off in full swing, with Shiba Inu, Ziliqa and Cardano amongst the top trending coins in Thursday’s trading.
The launch of SHIB metaverse is the main catalyst behind the upsurge in the dog-faced crypto coin. Shibtoken tweeted out earlier today, “We are happy to welcome you to SHIB: The Metaverse. An immersive experience that is positioned to become a massive environment for the #ShibArmy to grow, share, and benefit together.“
Meanwhile, Ziliqa skyrockets ahead of the launch of Metapolis, a metaverse-as-a-service offering powered by Zilliqa's blockchain, due on April 2.
Massive demand from whales has underpinned the recent upside in Cardano price. The value of on-chain transactions over $100,000 has increased by 5,000% so far this year.
Amongst the DeFi tokens, Shiba Inu, Ziliqa and Cardano are likely to remain traders’ favorites this week. How are these coins positioned on the technical graphs?
Shiba Inu price yearns for a sustained break above $0.000030
Nothing seems to stop Shiba Inu bulls, as the bullish momentum remains unabated into the sixth straight day this Thursday.
What is noteworthy is that SHIB price has maintained its price movement within Monday’s trading range, despite the persistent rejection just below the $0.000030 mark.
This bullish undertone is keeping SHIB buyers hopeful, as traders believe it’s a consolidative phase before the next upswing kicks in towards the six-week highs of $0.0000296.
The canine-theme meme coin has added over 8% gains so far this week while remaining on track to book a 7% monthly advance.
As observed on the 12-hour chart, the price of Shiba Inu is holding fort above the horizontal 200-Simple Moving Average (SMA) at $0.0000269.
The upward-sloping 21-SMA has surpassed the mildly bearish 100-SMA in the last 12 hours, flashing a bullish signal.
If the bulls regain poise, then a fresh upsurge could see SHIB bulls storming through the $0.000030 round level.
The Relative Strength Index (RSI) is flirting with the overbought territory, currently around the 70.00 mark, suggesting there remains enough room for bulls to flex their muscles.
Acceptance above the $0.000030 threshold will trigger a renewed uptrend towards the February 17 peak of $0.0000325.
SHIB/USDT 12-hour chart. Source: TradingView
On the other side, SHIB sellers will fight back control once the 200-DMA support is caved in, exposing the downside towards the next fierce cap at $0.0000254. At that level, the 21 and 100-SMA converge.
The next bearish target is envisioned at March 27 lows near $0.0000240. Deeper declines will challenge the bullish commitments at the ascending 50-SMA at $0.0000238.
The line in the sand for Shiba Inu optimists is aligned at $0.0000207, the February 24 low.
All in all, the path of least resistance for Shiba Inu remains to the upside, as bulls are likely to dominate going forward.
Related: Shiba Inu (SHIB) Price Prediction
Ziliqa price backs off before the next big move higher
Ziliqa price is resuming its previous week’s staggering rally after a brief pause seen earlier this week. ZIL bulls, however, appear to have taken a breather over the last hours, as they contemplate the next move northwards.
In doing so, ZIL price has retreated from ten-month highs of 0.2215, still adding about 7% on the day to trade at $0.1923, at the time of writing.
Ziliqa price is enjoying a whopping 81% surge so far this week, having soared as much as 75% in Wednesday’s trading itself.
From a short-term technical perspective, the extremely overbought conditions on the 14-day RSI have backed the latest corrective pullback in ZIL price, as the leading indicator on the daily chart has stalled its ascent and turned lower.
The immediate support awaits at the daily low of $0.1770, below which the June 3 highs of $0.1548.
It’s worth noting that the pace of retracement in the ZIL price is likely to be as quick as the explosion to the upside.
The last line of defense for ZIL buyers is seen around the $0.1300 figure, where the price has peaked on a couple of occasions last year.
ZIL/USDT daily chart. Source: TradingView
Alternatively, ZIL bulls will retest the 2022 highs above $0.2200 should the upside regain momentum.
Ziliqa buyers will need a daily closing above the May 12 high of $0.2228 to accelerate the uptrend towards the May top of $0.2569.
To conclude, any pullback in ZIL price could be seen as a good dip-buying opportunity for traders who feel left out on this month’s pump.
Cardano bulls need to crack this one hurdle to rocket towards $1.780
Cardano price is back in the green zone after charting a Doji candlestick a day before, suggesting that ADA bulls have not yet given up.
ADA price is gearing up for a big break to the upside from this week’s price range, gathering the much-needed motivation.
The no. 7 crypto coin is trading 0.76% higher on the day, challenging the $1.20 threshiold, having found solid support in the $1.16 area.
Cardano’s daily technical chart offers the same view for ADA bulls, as seen at the start of this week.
The upside, however, remains the preferred view for Cardano traders, despite the overbought RSI conditions.
The so-called ‘Ethereum-killer’ remains poised to break through the horizontal trendline resistance, connecting from the February 8 high of $1.263, eyeing a big breakout.
Ahead of that, ADA bulls will need to recapture the $1.250 psychological level.
Adding credence to the bullish potential, the 21-DMA and 50-DMA crossover, which got confirmed on Tuesday, remains in play.
Once the abovementioned fierce cap at $1.263 is reclaimed on a daily closing basis, then the $1.30 round figure will be threatened.
ADA/USD daily chart. Source: TradingView
However, should ADA bulls fail to yield a decisive break above $1.263, the horizontal 100-DMA at $1.1010 will lure bearish traders.
A sustained move below the latter will initiate a fresh sell-off for a test of the upward-pointing 21-DMA at $0.983.
The flattish 50-DMA at $0.958 will be the level to beat for ADA bears on relentless selling momentum.
Related: Cardano (ADA) Price Prediction