Top 3 Cryptocurrencies To Watch This Week, Shiba Inu, Cardano, Solana: SHIB Price At A Critical Juncture

Last Updated March 10th 2022
5 Min Read
  • Shiba Inu price attempts a bounce from a critical support line on the 4H chart towards $0.0000250.
  • Cardano price sold-off at a powerful resistance, ADA sellers look to retest Monday’s low.
  • Solana’s path of least resistance appears to the downside, 21-DMA offers a tough fight to SOL bulls.

The Russia-Ukraine crisis continues to roil the market sentiment, as the high-level peace talks between the two warring nations failed, with no progress in a ceasefire.

The entire crypto space is in a sea of red amid the risk-off market profile, with the demand for safe havens back in vogue at the expense of the risk-sensitive assets. The pioneer cryptocurrency, Bitcoin, is attacking the $39,000 level, down over 7% on the day.

The altcoins are feeling the pain as well, tracking the slump in the dominant digital assets. Shiba Inu price is an inflection point, technically while appearing upbeat fundamentally, following news that the world's largest crypto exchange, Binance launched a campaign offering users $100,000 in Shiba Inu. 

Among other news relating to the crypto market, Bitgert (BRISE), the world’s first gasless blockchain, is providing a free token bridge for Solana (SOL), Cardano (ADA), and Avalanche (AVAX) projects.

Amongst the DeFi tokens, Shiba Inu, Cardano and Solana appear attractive for traders for the balance of this week. How are these coins positioned on the technical graphs?  

Shiba Inu bears testing bullish commitments at a key level

Shiba Inu price is making a minor recovery attempt, as bulls lick their wounds after the two back-to-back days of heavy sell-off.

Despite a damp mood across the board amid looming geopolitical risks, SHIB bulls stand resilient, as the price remains at a make-or-break point.

From a broader perspective, every rebound in Shiba Inu price seems to have been sold-off, as bears look to keep this month’s downtrend intact from $0.0000286 levels.

At the time of writing, the canine-inspired meme coin is trading better bid around $0.0000230, on track to book a 3% weekly loss.

Looking at Shiba Inu’s 12-hour chart, the latest rebound in the price could be seen as an aberration to ongoing bearish momentum.

The immediate test for bears is the rising (dashed) trendline support, placed at $0.0000225.

A sustained move below the latter will lead to an extension of the downside breakout from the three-week-old rising channel formation.

Selling resurgence will see a retest of the February 24 lows at $0.0000207.

Should the abovementioned support cave into the bearish pressures, a test of the pattern target at $0.0000156 will be inevitable.

SHIB/USD 12-hour chart 031022

SHIB/USDT 12-hour chart. Source: TradingView

The Relative Strength Index (RSI), however, has stalled its descent and turned flat, supporting the latest move higher in SHIB price.

If the recovery momentum lasts, then SHIB bulls will trigger a fresh uptrend to test the critical upside barrier at $0.0000245, which is the convergence of the mildly bearish 21-Simple Moving Average (SMA) and the channel support now turned resistance.

The next stop for SHIB buyers is aligned at $0.0000252, which is the downward-sloping 100-SMA.

Related: Shiba Inu (SHIB) Price Predictions

Cardano price: ‘Sell the bounce’ trade remains in place

Cardano price is seeing heavy selling pressure this Thursday, reversing two days of renewed upside from eleven-day troughs of $0.779, Monday’s low.

ADA sellers have returned with pomp and show amid a negative pro-risk environment, especially after the no.8 coin failed to find acceptance above the $0.85 barrier once again.

Disappointed bulls threw in their towel, with bears yearning to regain control, as the price heads back towards the multi-day lows.

The so-called ‘Ethereum-killer’ is shedding nearly 5% on the day, currently defending the $0.80 mark, as bears refuse to give up.

Technically, Cardano price remains poised to test the March 7 lows of $0.779 after running into strong offers at the falling trendline resistance at $0.855.

Should bulls fail to defend the multi-day lows, then the February 24 low of $0.747 will come back into play. That level is also fresh yearly lows.

The 14-day RSI is pointing south well below the 50.00 level, suggesting that there is scope for additional declines.

The $0.700 round level will then emerge as the line in the sand for ADA optimists.

ADA/USD daily chart 031022

ADA/USD daily chart. Source: TradingView

However, if ADA price manages to attract bids at the March 7 low, then a rebound towards the aforesaid descending trendline resistance will be in the offing.

Daily closing above that level is needed for ADA bulls to regain poise and advance further a test of the bearish 21-Daily Moving Average (DMA) at $0.888.

Further up, fierce resistance will be seen around $1.010, where the monthly high and downward-sloping 50-DMA coincide.

Related: Cardano (ADA) Price Prediction

Solana price looks to threaten $73 mark amid bearish technical setup

Solana price has returned to the negative territory for the first time in three trading days on Thursday, tracking the downbeat mood across the crypto market.

The altcoin is correcting from weekly highs of $89.94, as sellers continue to lurk at the $90.00, making it an uphill battle for bulls to aim for the $100 psychological mark.

The no.10 cryptocurrency has been on a downtrend so far this month, as bulls were unable to capitalize on this week’s rebound from two-week lows of $79.99.

From a short-term technical perspective, SOL sellers are likely to remain in charge so long as the price remains below the descending 21-Daily Moving Average (DMA), now at 89.63.

Therefore, the downside remains exposed towards the falling trendline support at the $73 level. The trendline is formed connecting the January 24 high and February 24 peak.

Ahead of that, the February 24 low of $75.34 emerges as a critical cushion, enticing SOL buyers.

The downtick in the 14-day bearish RSI justifies the room for the additional losses in the DeFi token.

SOL/USD daily chart 031022

SOL/USD daily chart. Source: TradingView

On the flip side, recapturing the 21-DMA barrier is critical to initiating a meaningful recovery towards the downward-sloping 50-DMA at $97.96.

Fresh buying opportunities will be created above the last, opening doors for a retest of the monthly top at $106.47.

Related: Solana (SOL) Price Predictions