Top 3 Cryptocurrencies To Watch This Week, Shiba Inu,, Cardano: CRO Bears Set To Test 200-DMA  

Last Updated February 21st 2022
5 Min Read
  • Shiba Inu price sees a dead cat bounce, rebound appears capped below at $0.0000276 critical hurdle. 
  • bears eye deeper declines below this key support, a test of 200-DMA looks likely.  
  • The downside appears more compelling for Cardano price as bulls dig their own graves.

Damp mood persists with the cryptocurrencies market at the start of a brand-new week on Monday, as markets continue pricing in a Russian invasion of Ukraine. 

After a risk-on wave, which was triggered by the White House confirmation of the proposed meeting between US President Joe Biden and his Russian counterpart Vladimir Putin, evaporated on Kremlin’s no concrete plans of such a meeting for diplomacy.

The demand for safe-havens returned across the financial markets, as risk aversion seeped back, weighing heavily on the cryptocurrencies, including Bitcoin. The granddaddy of cryptocurrencies is back to test the critical downside target near $36,000.

The altcoins are not spared either, with Shiba Inu bulls succumbing, despite the encouraging news that Binance Custody expanded its list of cryptocurrencies to include Dogecoin-killer Shiba Inu. 

Meanwhile, industry experts and analysts lean bearish on price, predicting it to fall to $0.33 even as it renamed the utility token of its exchange to Cronos, reflecting its decentralized nature. 

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

Shiba Inu bulls giving into the bearish pressures 

 Shiba Inu price is paring back gains on Monday, yielding to the bearish pressures seen across the crypto board. 

In doing so, SHIB price is likely to extend its losing streak into the sixth straight trading day, challenging the lowest levels in two weeks reached on Sunday at $0.0000249.

The underlying bearish tone continues in the canine-inspired coin, as a new week sets in, offering no respite to SHIB bulls whatsoever. 

At the time of writing, SHIB bears is losing 0.31% on the day, reversing sharply from daily highs of $0.0000276, which remains a tough nut to crack for Shiba buyers. 

SHIB price has broken its two-week-long consolidative mode to the downside, resuming the correction from two-month highs of $0.0000352.

Shiba Inu’s daily chart portrays a bearish picture, exposing the downside towards the next relevant demand area, which is pegged at $0.0000236, the 23.6% Fibonacci Retracement (Fibo) level of the rally from February 3 troughs to the February top.

If the selling pressure intensifies, then SHIB bears could look to revisit the February 6 lows of $0.0000222.

The line in the sand for the meme coin will be envisioned at the $0.000020 round number. 

The 14-day Relative Strength Index (RSI) is pointing slightly lower below the midline, suggesting that the bearish bias remains intact. 

Adding credence to the additional declines, SHIB price confirmed a death cross on the said time frame on February 19. 

A death cross is formed when the 50-Daily Moving Average (DMA) cuts the critical 200-DMA from above, spelling hell for the asset in the coming sessions.

SHIB/USDT: Daily chart

SHIB/USD daily chart 022122

Alternatively, if buyers manage to fight back control, SHIB price could attempt a rebound once again, with immediate resistance seen at the 38.2% Fibo level of $0.0000259. 

Recapturing the latter will call for a retest of the powerful resistance at $0.0000276, which is the confluence of the 50.0% Fibo level, ascending 21 and 200-DMAs.

Daily closing above that barrier is critical to resuming the rally towards the $0.000030 mark. 

Read Also: Why Do Shiba Inu Coins Have Value? price: Risks remain skewed to the downside price is pressurizing daily lows in a bid to hit the lowest levels in four weeks near $0.392 this Monday, as the selling interest around the coin remains unabated.

The altcoin extends sell-off for the second day in a row, having run into strong offers near $0.45 during the second half of the previous week. 

Against that backdrop, has already lost 2.30% so far, looking for a big break to the downside, as bears challenge the bullish commitments at a critical daily support line of $0.0000391 – the February 3 low.  

The daily RSI is moving further below the midline, heading towards the oversold territory, backing the bearish potential in the CRO price. 

Bears need a daily closing below the latter to initiate a fresh downswing towards the upward-sloping 200-DMA at $0.359. 

Further south, the horizontal trendline support at $0.329 will be back on the sellers’ radars. 

CRO/USDT: Daily chart 

CRO/USD daily chart 022122

On the flip side, SHIB bulls must gain acceptance above the $0.45 supply zone to negate the bearish view in the near term. The downward-pointing 50-DMA hangs around that level. 

The horizontal 21-DMA at $0.461 will add to the upside filters on the road to recovery in CRO price. 

The one-month-long rising trendline support now turned resistance, now at $0.499 will be the level to beat should the buyers flex their muscles. 

To conclude, bears eye a sustained move below the aforementioned key support to gain fur the ground. 

Check Out: Coin Price Predictions

Cardano price: April 2021 levels tested, what’s next?

Cardano price is seeing sellers dominating on the first trading day of the week, taking lead from the negative weekly closing. 

ADA price is extending its downtrend after having failed to attract bids above the $1.11 level a week ago. 

Bears are rejoicing the downbeat mood within the digital assets’ space, keeping ADA price pinned to the downside. 

It’s worth noting that bulls did try their best to regain control after Saturday’s failed attempt but bears refused to give up and snatched back control from daily highs of $0.992.

At the press time, ADA price is shedding around 2.0% on a daily basis, challenging the level last seen in April 2021 lows at $0.89.

As observed on Cardano’s daily chart, the extension of the downside breakdown from a three-week-old rising channel is gathering further traction, as the price pierces through the crucial horizontal support line that coincides with the January 22 lows of $0.921.

Justifying the bearish momentum, the daily RSI also edges lower while sitting comfortably below the midline at 32.50.

The so-called ‘Ethereum-killer’ awaits a confirmation below the abovementioned key support on a daily closing basis to continue its ongoing downward spiral. 

ADA sellers will then aim for the February 23 2021 lows at $0.809 should the downtrend seek validation. 

ADA/USD: Daily chart

ADA/USD daily chart 022122

On the other hand, any pullbacks from lower levels will need to find a strong foothold above the previous week’s key support, now turned resistance, at $1.03.

The mildly bearish 21-DMA at $1.078 will guard the upside attempts, as bulls will keep their sights on the descending 50-DMA at $1.151.

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