Top 3 Cryptocurrencies To Watch This Week, Shiba Inu, Cardano, Decentraland: SHIB Price Awaits A Range Breakout 

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Last Updated February 14th 2022
5 Min Read
  • Shiba Inu price remains stuck between two key Fibo levels on the daily stick but upside favoured.
  • Cardano price testing powerful support after rising channel breakdown confirmed on Saturday. 
  • Decentraland price wavers between 21 and 50-DMAs, rising trendline breach and bearish RSI call for more downside. 

The crypto market is a mixed bag on Monday, as investors remain cautious, digesting the latest developments on the Russia-Ukraine crisis. 

On Friday, PBS News reported that the US sees a Russian invasion of Ukraine in the upcoming week, that is the current week. The Ukraine tensions triggered a big wave of risk aversion, translating across all asset classes, including cryptocurrencies. 

However, Bitcoin managed to defend the $41K level, as its hashrate for BTC network surged to all-time highs.

Meanwhile, Shiba Inu price drew support from news that the top 1000 large wallet investors on the Binance Smart Chain have purchased 140 billion Shiba Inu tokens. 

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

Shiba Inu price maintains its range play around 61.8% Fibo level

Shiba Inu price is looking to extend the previous two weeks’ uptrend heading into a fresh week this Monday, although SHIB bulls take a breather before resuming the upside. 

After booking 6% in the last week, Shiba Inu price is seen gaining over 40% so far this month. On Valentine’s Day, however, SHIB bulls are failing to garner enough love amid a mixed market sentiment. 

In doing so, the canine-themed coin is posting modest gains on the day, currently trading around $0.0000303. The No. 14 coin is trading in the green for the third day in a row, consolidating the corrective pullback from two-month highs of $0.0000352 reached on February 7.

Looking at Shiba Inu’s daily chart, SHIB price has been trading back and forth for the past three days, unable to find a strong foothold above $0.0000320, the 78.6% Fibonacci Retracement (Fibo) level of the rally from February 3 troughs to the last week’s high of $0.0000352.

Meanwhile, buyers continue to defend the 50% Fibo level of the same advance, aligned at $0.0000276. At that level, the bearish 50-Daily Moving Average (DMA) coincides, making it important support. 

The 14-day Relative Strength Index (RSI) is currently trading flattish but well above the midline, pointing to a potential move higher.  

Therefore, daily closing above the 78.6% Fibo hurdle will revive the uptrend, opening doors towards the two-month highs. 

Ahead of that barrier, the downward sloping 100-DMA at $0.0000340 will test the bearish commitments. 

Further up, the round level of $0.000040 could come into play. 

SHIB/USDT: Daily chart

SHIB/USD daily chart 021422

Should Shiba Inu price give into the bearish pressures and crack the aforesaid critical support at $0.0000276, a sell-off towards the ascending 200-DMA at $0.0000266 will be inevitable. 

The latter is also pegged near the 38.2% Fibo level. The last line of defense for SHIB buyers is seen at $0.0000250, which is the bullish 21-DMA.

Check Out: Should You Buy Shiba Inu? 5 Pros, 5 Cons

Cardano price needs to defend this critical support

Cardano price has stalled its four-day losing streak on the first trading day of a new week, as bears are testing the bulls’ commitments.

Despite a pause in the sell-off, ADA bulls seem to be struggling to extend the rebound from eleven-day lows of $1.019 amid a sluggish performance seen across the crypto board. 

ADA bulls need to defend the $1.01 support area convincingly if they wish to initiate a sustained recovery, reversing the recent bearish momentum. 

At the time of writing, the no. 7 coin is adding 0.40% on a daily basis, hovering around the $1.05 mark. 

Technically, Cardano price is attempting a rebound from the critical horizontal trendline support, connecting the previous lows, placed at $1.02.

The daily RSI is turning higher, justifying the latest uptick in the price. Although the leading indicator remains in the bearish territory, keeping the upside attempts limited.

It’s also worth mentioning that the risks appear skewed to the downside for the altcoin, especially after it confirmed a three-week-old rising channel breakdown on Saturday, February 12. 

The further pullback in ADA price will need acceptance above the confluence of the channel support now resistance and slightly bearish 21-DMA around the $1.10 region.

The next stop bulls will be then seen at the downward-sloping 50-DMA at $1.206. 

ADA/USD: Daily chart

ADA/USD daily chart 021422

On the flip side, a firm break below the abovementioned horizontal trendline support of $1.02 will recall sellers, triggering a renewed downtrend towards January lows of $0.921.

Additional declines will probe the levels last seen in April 2021 around $0.89. 

Read Also: Why Cardano Is So Cheap?

MANA rebounds but not out of the woods yet

Decentraland price has turned positive for the first time in six trading days, starting out a fresh week on the right footing. 

The renewed upside in MANA price is seen on Monday, as bulls are trying to fight back control after finding strong bids around $2.75-$2.72 price zone. 

With the upturn, MANA price is posting a 1.78% daily gain, looking to recapture the $3 threshold while sellers are likely to give them a tough challenge.

MANA’s daily chart shows the price has taken a breather from the ongoing downward spiral, which led to a breach of the three-week-old rising trendline support at $2.94 last Friday, February 11. 

Following the downside breakout, MANA bulls continued to bear the brunt, even yielding below the mildly bearish 50-DMA at $2.89.

Note that the price is currently facing stiff resistance at 50-DMA on its road to recovery, as the daily RSI continues to hold below the central line. 

A sustained move above the latter is required to take on the recovery towards the trendline support now resistance at $3.14.

The round level of $3.00 will challenge the rebound beforehand.

MANA/USD: Daily chart 

MANA/USD daily chart 021422

Meanwhile, MANA bulls remain hopeful so long as the price holds above the ascending 21-DMA at $2.755.

Daily closing below that support will fuel a sharp sell-off towards the rising 200-DMA cap at $2.12. 

The line in the sand for MANA optimists is seen at a January 22 low of $1.714.

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