Top 3 Cryptocurrencies To Watch This Week, Shiba Inu, Cardano, Decentraland: SHIB Price Targets $0.000040

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Last Updated February 7th 2022
5 Min Read
  • Shiba Inu price turns south after running into bearish 50-DMA resistance, dip-buying could emerge.  
  • Cardano price charting an ascending triangle on the 1D chart, ADA bulls target $1.243 hurdle.   
  • Decentraland price closes Sunday above the 100-DMA barrier but bulls seem to be losing conviction.

The crypto market has started out a new week on a bullish note, with Bitcoin and Ethereum having regained the upside momentum. The pioneer digital asset is closing in on the $44,000 level while Ethereum recaptures $3100, representing a broad recovery across the crypto space. 

The upbeat tone is also translating into altcoins, with Shiba Inu appearing most promising amongst the meme coins. SHIB price showcased a solid performance during the weekend after developers unveiled a tie-up with Welly’s, a fast-food chain selling burgers and fries. Community members can buy products using SHIB and participate in Welly’s expansion via Shiba Inu’s decentralized governance forum ‘Doggy DAO.’

Meanwhile, encouraging comments from the founder of the Cardano blockchain Charles Hoskinson underpinned ADA price. Hoskinson made his comments on future upgrades on the Cardano blockchain and predicted the long-term growth of the network.

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

Shiba Inu price pulls back before the next upswing kicks in

After putting up a great show over the weekend, Shiba Inu price renewed fresh three-week highs at $0.0000296 on Monday.

SHIB bears, however, were quick to regain control, prompting a minor correction in the price. In doing so, Shiba Inu price snapped a four-day winning streak, now losing 1.60% on the day to trade at $0.0000280.

Despite the latest retreat, SHIB bulls hold a majority of the gains recorded on Sunday after the price rallied from $0.0000220 to test $0.0000290. 

A range breakout was imminent in the canine-themed coin, especially in light of a two-week-old downside consolidative mode. Although the bulls defied the bearish odds, as fundamentals and technical factors turned positive for SHIB price.  

Looking at Shiba Inu’s daily chart, bulls have struggled to find acceptance above the bearish 5-Daily Moving Average (DMA) at $0.0000285 for the second straight day, which has likely triggered the retreat in SHIB price.

The latest leg down in the dog-inspired meme coin is also justified by a downtick in the 14-day Relative Strength Index (RSI). But buyers remain hopeful so long as the leading indicator holds above the midline, offering ‘buy-the-dips’ trade. 

Daily closing above the 50-DMA barrier could revive the uptrend towards the downward-pointing 100-DMA at $0.0000368. 

Ahead of that level, bulls will challenge the three-week highs, above which the $0.000030 round number will be on their radars.

SHIB/USDT: Daily chart

SHIB/USD daily chart 020722

Alternately, SHIB sellers could extend the pullback towards the ascending 200-DMA at $0.0000257. 

The next best safety net is seen at the horizontal 21-DMA support at $0.0000229. Additional declines could put the $0.000020 threshold at risk.

Check Out: Shiba Inu Price Predictions

Cardano price: Tide turns in favour of bulls

Cardano price is flirting with levels last seen since January 22 this Monday, taking advantage of the bullish undertone witnessed across the crypto space. 

ADA bulls have broken through a couple of stubborn barriers to reach a new three-week top at $1.197, extending its previous week’s advance. 

The ongoing recovery in ADA price continues after buyers found strong support just above the $1 psychological level on multiple occasions. 

As of writing, the no. 6 coin is adding 4.02% so far, looking to recapture the $2 mark amid unabated buying interest. 

As observed on the daily sticks, the so-called ‘Ethereum-killer is breaking higher from a three-week-old ascending triangle. The bullish breakout from the triangle will get confirmed once ADA price gives a daily candlestick closing above the horizontal trendline support at $1.175.

Bulls will then seek for a test of the horizontal 50-DMA at $1.243, reopening gateways towards $1.30 the figure. 

The daily RSI looks north after piercing the 50.00 level from below, adding credence to a further move higher in Cardano price. 

ADA/USD: Daily chart

ADA/USD daily chart 020722

On the other hand, any retracement in ADA price will challenge the bearish sloping 21-DMA at $1.21 once again, where the daily low aligns.    

A firm break below the latter will pave the way for a steep drop towards the rising trendline support at $1.053.

Although the bears could test the bullish commitments at $1.10 before attacking the aforementioned triangle support. 

All in all, ADA bulls keep their sight on Monday’s closing to flex their muscles. 

Read Also: Is Cardano Worth Buying In 2022?

MANA bulls recapture 100-DMA but catch a breather (for now)

Decentraland price has paused its four-day rally to monthly highs of $3.394, trading almost unchanged on the day at $3.308, at the time of writing. 

MANA bulls are taking a breather after the ongoing uptrend that kicked off on January 22 when the price bottomed out at $1.714. 

The halt in the upward trajectory is mainly due to the bulls contemplating the next move, with more gains likely in the offing.

MANA’s daily chart shows that buyers are looking to find a strong foothold above the rising 100-DMA resistance at $3.27 after the rates closed Sunday above the latter. 

The renewed upside could call for a retest of the monthly high, above which all eyes remain at the $3.50 psychological level. The figure to beat for MANA optimists will be the $4 benchmark level. 

The 14-day RSI has turned flat above the central line, backing the recent lack of any directional bias in MANA price. Although it being above 50.00 is enough to keep the coin at elevated levels.

MANA/USD: Daily chart 

MANA/USD daily chart 020722

On the flip side, a sustained move below the 100-DMA resistance now turned support will fuel a sharp downfall towards the horizontal 50-DMA at $2.951.

Further down, the 21-DMA at $2.584 will come to the rescue of MANA bulls, below which the wedge resistance now support at $2.308.

It’s worth noting that the Decentraland price validated a bullish wedge formation on January 31, providing extra legs to the upside. 

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