Top 3 Cryptocurrencies To Watch This Week, Shiba Inu, Cardano, Decentraland: SHIB Bulls Still Eye $0.000040

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Last Updated February 10th 2022
5 Min Read
  • Shiba Inu price carves out a bull pennant on the daily chart, gaining 15% so far this week. 
  • Cardano price eyes more gains above the 100-DMA resistance after confirming an ascending triangle. 
  • Decentraland price needs to defend the 100-DMA support to resume the uptrend towards the $4 mark.

The crypto market has reversed early gains seen at the start of the week, as bears have taken over control on Thursday.

The renewed selling spree across the crypto board was seen after the US annualized inflation came in hotter than expected at 7.5% in January and boosted the aggressive Fed’s tightening expectations. 

In the face of hawkish Fed outlook, the risk sentiment took a hit, taking the digital assets in its stride. The flagship cryptocurrency, Bitcoin, is down over 1.50% on the day, currently trading at $43,650 while Ethereum tumbles 3.62% to test $3,100.

The bearish momentum has translated into the altcoins space, with the widely-watched Shiba Inu, Cardano and Damaraland prices bearing the brunt. SHIB bulls, however, continue to draw support from the news that it will be listed on a major Brazilian cryptocurrency exchange on February 16,

How are Shiba Inu, Decentraland and Cardano positioned on the daily technical graphs? 

Shiba Inu price bides time before resuming the bullish momentum

Having recorded a whopping 35% gain in the previous week, Shiba Inu price keeps up with its bullish trend, adding roughly 15% so far this week. 

Despite staying in the green on a weekly basis, SHIB bulls have given up control on Thursday, as the price consolidates the previous day’s heavy gains. 

On Monday, the canine-themed coin rallied hard to hit the highest level in two months at $0.0000352. SHIB price has been in a bullish consolidation phase thereafter, gathering pace before kicking in a fresh upswing. 

Looking at Shiba Inu’s daily chart, bulls have found a strong foothold above the mildly bearish 50-Daily Moving Average (DMA) at $0.0000285 after Monday’s upsurge. 

Buyers now yearn for a sustained move above the $0.0000350 supply zone to gain traction to the upside. The downward-sloping 100-DMA and the falling trendline resistance meet around that level. 

Daily closing above the latter will confirm a bull pennant breakout on the said time frame, opening doors towards the round level of $0.000040.

The 14-day Relative Strength Index (RSI) is currently trading flat but holds comfortable above the midline, suggesting that there is a scope for bulls to flex their muscles. 

SHIB/USDT: Daily chart

SHIB/USD daily chart 021022

If the corrective decline accelerates, then SHIB sellers could look to challenge the rising trendline support at $0.0000311. 

Powerful resistance-turned-support at the 50-DMA will then test the bullish commitments, below which the 200-DMA at $0.0000260 will be put at risk.

All in all, any pullbacks in Shiba Inu price could be seen as a good buying opportunity for traders, as the near-term outlook appears bullish. 

Check Out: 15 Reasons Why You Should Invest in Shiba Inu Today

Cardano price remains ‘buy-the-dip’, as bulls remain hopeful

Cardano price is back in the red zone after a temporary rebound seen Wednesday, even as the bulls are testing the bears’ dominance at higher levels.

ADA price continues to trade in a familiar range around $1.18 for the second day in a row but remains slightly away from a three-week top of $1.264 reached earlier this week.   

The recent weakness appears to be corrective in nature after ADA bulls ran into offers above the $1.20 round figure for three consecutive trading days. 

From a broader perspective, Cardano’s bullish bias remains intact, especially after the price yielded an upside break from a three-week-old ascending triangle on a daily closing basis on Monday. 

At the time of writing, the no. 6 coin is shedding 2.51% on a daily basis, eyeing a test of Tuesday’s low at $1.177.

The daily RSI is turning south, probing the central line while backing the recent downtick in ADA price. 

Any further pullback in ADA price will challenge the bearish sloping 21-DMA at $1.10. A firm break below the latter will offer that much-needed boost bears.

The triangle support at $1.081 will be next on the sellers’ radars should the downslide in ADA price pick up momentum.

ADA/USD: Daily chart

ADA/USD daily chart 021022

On the flip side, ADA bulls must piece through the horizontal 50-DMA upside barrier on a daily candlestick closing basis to extend the triangle breakout. 

The next significant hurdle is envisioned around $1.42-$1.44, which is the point of intersection of the January 19 highs and the descending 100-DMA. 

Fresh buying opportunities will emerge above the aforesaid critical barrier, triggering a fresh run towards the year-to-date (YTD) highs of $1.639. 

Read Also: Cardano (ADA) Price Prediction for 2025 and 2030

MANA bulls down but not out, 50-DMA support holds the key

Decentraland price is extending its correction from six-week highs of $3.552, as bears tighten their grip heading into the weekend.

The renewed downside in MANA price could be associated with a fresh selling wave that has hit the crypto market hard over the last hours. 

With its latest pullback, MANA price is posting a 5.96% loss on the day, looking to challenge the $3 threshold, as Tuesday’s lows at $3.126 give way.

MANA’s daily chart shows sellers’ dominance, as the price breaches the horizontal 100-DMA support at $3.269, which was previous critical resistance. 

The move lower can be justified by the latest downtick in the daily RSI, which is now approaching the midline from near 67.00 levels. 

If Decentraland price sustains below the 100-DMA, then it will motivate bears to take on the additional downside towards the horizontal 50-DMA at $2.948.

Further down, the mildly bullish 21-DMA at $2.626 will lend some support to MANA optimists.

The confluence of the ascending 200-DMA and wedge resistance now support at $2.111 will be the line in the sand for MANA bulls.  

MANA/USD: Daily chart 

MANA/USD daily chart 021022

It’s worth noting that the Decentraland price validated a bullish wedge formation on January 31, which could likely keep bulls alive and hopeful. 

Should the uptrend regain momentum, it will call for a retest of the $3.50 psychological level, above which the multi-week highs could be back on buyers’ radars en-route the $4 benchmark level.

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