Top 3 Cryptocurrencies To Watch This Week, Shiba Inu, Cardano, Sandbox: SHIB Price Eyes A Break Below $0.0000295  

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Last Updated February 17th 2022
5 Min Read
  • Shiba Inu price looks to retest key 61.8% Fibo support after rejection above $0.0000320 once again.
  • Cardano price remains capped below 21-DMA, $1.02 support zone appears at risk amid bearish RSI.
  • Sandbox bears eye a daily closing below the rising trendline support at $4.077 to extend the downtrend. 

The crypto market is in a sea of red, as risk-aversion remains a key theme across the financial markets, courtesy of the escalating Russia-Ukraine conflict.

The geopolitical tensions re-escalated on Thursday after the Russian media reported that the Ukrainian armed forces shot mortars and grenades in four Luhansk People's Republic (LPR) localities, which is in the conflicted Donbas region - run by Russian-backed separatists.

In the last hours, Reuters reported, citing the US Envoy to the UN, saying that evidence on the ground suggests that Russia is moving towards an "imminent invasion" of Ukraine and that this is a "crucial moment.” 

Markets continue pricing in a war, sending the pioneer digital asset, Bitcoin, back towards the $41,000 level. Ethereum has surrendered the $3,000 mark once again. 

The same dismal mood has translated into the DeFi tokens, with Sandbox price notably down. Shiba Inu and Cardano also look vulnerable amongst the widely watched altcoins. 

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

Shiba Inu price looks to accelerate declines below 61.8% Fibo level

Shiba Inu price is back in the red zone on Thursday, reversing sharply from one-week highs of $0.0000325 reached earlier on. 

The return of sellers can be associated with a spell of risk-off sentiment gripping the crypto space, as SHIB price remains poised to extend the previous decline. 

At the time of writing, SHIB bears are cheering the 2% decline in the price, as it trades at $0.0000303. 

Note that SHIB price has been extending its consolidative mode after the correction from two-month highs of $0.0000352 lost legs at $0.0000274 last Saturday. 

From a short-term technical perspective, the downside appears more compelling for SHIB price after it failed to resist above $0.0000320, the 78.6% Fibonacci Retracement (Fibo) level of the rally from February 3 troughs to the last week’s high, on several occasions.

The 14-day Relative Strength Index (RSI) is edging lower towards the midline, justifying the recent decline in SHIB price.

SHIB bears, therefore, continue targeting the critical support pegged at $0.0000295, the 61.8% Fibo level of the same rally.  

Daily closing below the latter is needed to resume the corrective decline, with sellers turning their attention towards a powerful cushion near $0.0000276, which is the confluence of the 50.0% Fibo level, the bearish     50-Daily Moving Average (DMA).

The next bearish target is envisioned at the ascending 200-DMA at $0.0000269.

SHIB/USDT: Daily chart

SHIB/USD daily chart 021722

On the other side, if buyers manage to hold above the 61.8% Fibo level, then they will try to find acceptance above the aforesaid critical resistance at 78.6% Fibo. 

Further up, the downward-sloping 100-DMA at $0.0000337 will challenge buyers’ journey back towards the two-month highs. 

Check Out: What Will Shiba Inu Be Worth in 2025?

Cardano sellers likely to retain control amid a bearish daily technical setup

Cardano price has breached Wednesday’s low of $1.067, now accelerating the bearish momentum towards the critical daily support line at $1.02.

The underlying downbeat mood in the crypto market is collaborating with the weakness in the no. 7 coin, having found sellers lurking around $1.114 over the past two consecutive trading days. 

At the time of writing, ADA price is down roughly 2.50% on a daily basis, pressurizing daily lows near $1.05 amid unabated selling interest.  

Technically, Cardano price remains exposed to further downside risks, especially after it confirmed a three-week-old rising channel breakdown on Saturday, February 12.

Against that backdrop, ADA bears remain positioned to retest the crucial support area at $1.02, backed by the daily RSI pointing south below the 50.00 level. 

The so-called ‘Ethereum-killer’ needs a decisive break below the abovementioned horizontal trendline support, on a daily closing basis, to fuel a fresh downswing towards January lows of $0.921.

Should ADA sellers flex their muscles, then the levels last seen in April 2021 around $0.89 will come into their radars. 

ADA/USD: Daily chart

ADA/USD daily chart 021722

If bears give into a buying resurgence, then ADA price will try to gain validation above the horizontal 21-DMA at the $1.10 mark.

The further recovery will be probed by the channel support now turned resistance at $1.142. 

The bearish 50-DMA at $1.184 will then limit the upside attempts in ADA price. 

To conclude, the path of least resistance appears to the downside, as the technical setup continues to point south. 

Don't Miss: Is Cardano (ADA) Safe?

SAND price eyes a drop towards $3.50, focus remains on Thursday’s close

Sandbox price continues to suffer from relentless selling, as bears get battered amid a broader market tumble. 

That said, SAND price has lost the $4.00 mark, losing for the second day in a row following Tuesday’s rebound to $4.424.

The altcoin is extending the downtrend after peaking out earlier this month at $4.868, with SAND bears now eyeing a retest of the February lows at $3.50. 

The no. 36 coin when measured across the market capitalization is shedding nearly 6% so far this Thursday, trying to gain ground below the $4 benchmark level. 

Sandbox’s daily chart shows that the price has breached three-week-long rising trendline support at $4.05, with pessimists now awaiting a daily closing below the latter to confirm a downside breakout. 

The daily RSI below the midline adds credence to a further move lower. The leading indicator currently stands at 45.31, below the 50.00 threshold. 

SAND/USD: Daily chart 

SAND/USD daily chart 021722

Alternatively, if SAND bulls reclaim the trendline support now resistance and yield a closing above it on a daily candlestick, then the renewed upside could be challenged by the horizontal 21-DMA at $4.174.

Further up, the bearish 50-DMA at $4.404 could guard the recovery attempts before SAND optimists regain poise to extend the bullish reversal.

Fresh long positions will be created above the latter, giving SAND bulls an added reason to extend its upward trajectory towards the ascending 100-DMA at $4.798.

Read Also: The Sandbox Price Predictions