Top 3 Cryptocurrencies To Watch This Week, Shiba Inu, Crypto.com, Cardano: SHIB Bears Threaten $0.000020

Last Updated February 24th 2022
5 Min Read
  • Shiba Inu price on a downward spiral, as the $0.000020 support appears at risk amid global sell-off 
  • Crypto.com briefly breaches 200-DMA, as bears keep their sights on the critical support line at $0.329.  
  • Oversold daily RSI conditions warrant caution for Cardano shorts but more downside appears likely.

Russia finally began its invasion of Ukraine, which triggered a war in Eastern Europe and smashed risk sentiment across the financial markets. 

Investors see no relief, as both sides engage in military action, roiling the market mood. The world awaits the Western response, with severe sanctions outlined to punish Russia for its aggression. 

Therefore, traders are in an extreme risk-averse mode, preferring to park their funds in the safe-haven assets such as gold and the US dollar. High-beta assets such as stocks, cryptocurrencies etc are getting dumped. Bitcoin, the pioneer digital asset, is down 4% so far, hovering around the $35,000 mark. 

Panic-selling remains the underlying theme, as the altcoins are underperforming Bitcoin, Ethereum and Ripple. Shiba Inu and Crypto.com are poised for deeper declines while Cardano could see a dead cat bounce, providing opportunities for the traders who missed out to capitalizing on the sell-off earlier.

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

Shiba Inu bears ready for a sustained break below $0.000020

Having found sellers once again near the $0.0000276 level the second time this week, Shiba Inu price came under heavy bearish pressure.

The selling interest around SHIB price remains unabated amid a broader market sell-off, courtesy of the heightening geopolitical risks concerning Russia and Ukraine. 

In doing so, SHIB price is eroding almost 12% of its value, currently trading at $0.0000219, the lowest level in three weeks. 

Looking at Shiba Inu’s daily chart, bears are extending its run lower following a downside breakout from a two-week-long consolidative.

With the renewed supply wave, the canine-themed meme coin has almost erased the rally seen in the first half of this month. 

The line in the sand for SHIB bulls remains at the critical $0.000020 level, from where the upsurge started. 

The 14-day Relative Strength Index (RSI) is pointing south below the midline, suggesting that there is more room for decline until the leading indicator hits the oversold territory. 

Meanwhile, Monday’s closing below the one-month-long rising trendline support at $0.0000249 revived the corrective downside, opening floors for deeper losses. 

Therefore, Wednesday’s rebound remained shallow, as sellers fought back control at the powerful resistance at $0.0000276. 

That level is the confluence of the 50.0% Fibonacci Retracement (Fibo) level of the rally from February 3 troughs to the February top of $0.0000352, ascending 21 and 200-Daily Moving Averages (DMAs).

If the $0.000020 support is cracked on a sustained basis, then a fresh sell-off will be sparked towards the January 22 low of $0.0000170.

SHIB/USDT: Daily chart

SHIB/USD daily chart 022422

Alternatively, should SHIB bulls manage to stage a bounce from the abovementioned critical support, then the price could challenge the immediate resistance at the 23.6% Fibo level of $0.0000236. 

Acceptance above the latter will seek buyers’ approval at the 38.2% Fibo level of $0.0000259, where the rising trendline support now resistance aligns. The bearish 50-DMA also hangs around that price zone, making it a fierce downside cap. 

The 0.0000276 barrier will be the level to beat for SHIB bulls to extend the recovery momentum.

Check Out: Will 2022 Be A Better Year For Shiba Inu?

Crypto.com price: Risks remain skewed to the downside 

The bearish consolidation phase seen earlier this week in Crpyto.com acted as a premise for the additional decline, as CRO bears refuse to give up. 

CRO sellers retain total control heading towards the weekend, as the demand for risk-sensitive assets remains absent on Thursday. 

The DeFi token is down nearly 9% on a daily basis, trading at $0.3625, as of writing, losing 10.50% so far this week. 

The daily technical setup for Crypto.com paints a bearish picture, as the price breaks through multiple support levels amid the ongoing downtrend. 

The risk remains titled to the downside despite the extent of Thursday’s fall, as the daily RSI keeps looking southward, currently placed at 35.44. 

Bears need a daily closing below the upward-sloping 200-DMA at $0.363 to unleash further losses. 

The horizontal trendline support at $0.329 will be the last line of defense for the CRO bulls, below which the broader downtrend will resume. 

CRO/USDT: Daily chart 

CRO/USD daily chart 022422

On the flip side, SHIB bulls must hold fort above the 200-DMA to initiate any meaningful recovery towards the horizontal trendline support now turned resistance at $0.391.

Buyers will then need to find a strong foothold above the $0.42 level, the recent ranges. 

The next relevant upside barrier is seen in the region of $0.44-$0.45, the convergence of the bearish 21 and 50-DMAs.

Crypto.com bulls could test the bearish commitments at the $0.50 psychological threshold. 

Read Also: Crypto.com Coin Price Predictions

Cardano price remains a ‘sell the bounce’ trade 

Cardano price is tracking the bearish momentum seen across the crypto market, as the Russia-Ukraine war leaves little hope for ADA bulls.  

ADA price is extending the previous pullback from two-day highs of $0.96, as it tumbles to reach fresh yearly lows at $0.746.

Over the last hour, the so-called ‘Ethereum-killer’ has receded from multi-month lows but remains 10% lower on the day, as the price is not out of the woods yet. 

As observed on Cardano’s daily chart, bears have breached the horizontal channel formed over two different occasions, exacerbating the pain in ADA. 

The renewed weakness seen this week received credence after Cardano price gave a daily closing below the month-long horizontal trendline support, placed then at $0.921, coinciding with the January 22 lows.

Fresh selling opportunities will be created if the yearly lows give way, exposing the $0.70 round level, below which a fresh downswing could be in offing towards the $0.50 mark. 

ADA/USD: Daily chart

ADA/USD daily chart 022422

With the daily RSI inching within the oversold territory, however, ADA price could witness a rebound towards the abovementioned critical support now resistance at $0.921.

Recapturing the latter will call for a test of the $1.00 threshold. 

The next stop for ADA buyers is seen at around $1.05, the point of intersection of the bearish 21-DMA and the previous horizontal support. 

Further up, the downward-sloping 50-DMA at $1.126 will be on the buyers’ radars should the bullish reversal gather steam.

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