- Shiba Inu price consolidates before resuming the downtrend towards three-month lows of $0.0000170.
- Decentraland keeps its range within a potential bear flag formation, bulls look to fight back control.
- Cardano price clings onto critical daily support, ADA remains exposed to downside risks amid bearish RSI.
The crypto market continues to exhibit choppiness so far this week, witnessed a massive slump in the previous week, which wiped out the total market capitalization by half.
The pioneer cryptocurrency, Bitcoin, remains in a bearish consolidation around $37,000 while the no.2 crypto coin, Ethereum, struggles around $2,500. According to the latest data released by Coinglass, Bitcoin and Ethereum traders lose $204 million to liquidations, as prices dipped over the past 24 hours.
The sluggish mood is also seen across the altcoins, with Shiba Inu and Cardano poised for deeper declines while Decentraland price is witnessing a dead cat bounce.
The selling interest around Shiba Inu remains unabated, despite a whale accumulation of $88 million in the canine-theme DeFi token.
The largest Ethereum whale wallets accumulated over $88 million worth of Shiba Inu within 24 hours, the latest data from WhaleStats showed on Thursday.
How are Shiba Inu, Decentraland and Cardano positioned on the technical charts?
Shiba Inu bears gear up for a massive downswing
Shiba Inu price has returned to the red zone on Thursday, reversing the previous temporary rebound, as bears continue to lurk across the crypto markets on Fed’s hawkishness.
Despite the renewed weakness, SHIB price remains within this week’s trading range. The consolidative mode extends into the fifth straight day following the previous week’s downward spiral to three-month lows of $0.0000170.
At the time of writing, the canine-themed meme coin is testing the bullish commitments just above the round level of $0.0000200, losing 1.30% on the day.
Technically, SHIB bears are catching a breather so far this week, having confirmed a falling wedge breakdown on Friday, defying the bullish odds.
The 14-day Relative Strength Index (RSI) is sitting just above the oversold territory, keeping sellers alive and hopeful for another leg down.
The downside consolidation is also an indication that bears are gathering strength before the next push lower.
If the $0.0000200 level caves into the bearish pressures, then a retest of the multi-month troughs at $0.0000170 will be inevitable.
The next safety net for SHIB buyers is envisioned at the $0.0000150 psychological barrier.
SHIB/USDT: Daily chart
Alternatively, the recovery attempts will run into strong offers at the wedge support-turned-resistance, now at $0.0000233.
Acceptance above the latter will call for a test of the ascending 200-Daily Moving Average (DMA) at $0.0000250.
Fresh buying opportunities will get created on a sustained move above that level, putting the bearish 21-DMA at $0.0000264 to test.
To conclude, the path of least resistance in Shiba Inu price appears to the downside.
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MANA bulls looking to extend the recovery, a bottom in place?
Decentraland price is staging a gradual recovery from the lowest levels in three months, reached last Saturday at $1.714.
In doing so, MANA price is extended the winning streak into the third consecutive this Thursday, after finding strong bids near $1.81 on Monday.
Although sellers are seen lurking at higher levels around $2.35, warranting caution for the dip buyers.
Looking at MANA’s daily chart, ‘sell the bounce’ could be a good trading strategy, especially after a bear cross is confirmed on the said time frame.
The downward-sloping 50-DMA pierced through the bullish 100-DMA from above, flashing a fresh bearish signal while suggesting that the downside still appears more compelling.
Therefore, traders await a daily closing above the rising trendline resistance at $2.315 to confirm whether the ongoing recovery has legs.
Rejection at the aforesaid level will revive the chances for a bear flag formation, which is carved out by the recent consolidation that followed the steep sell-off seen in the week before.
The renewed downside will seek a breach of the fierce support at $1.946, which is the intersection of the rising trendline and the horizontal 200-DMA.
Daily closing below the latter will validate the bear flag, putting the three-month lows of $1.707 at risk once again.
MANA/USD: Daily chart
However, if MANA bulls manage to sustain the break above the supply zone around $2.315, then a fresh upsurge towards the downward-sloping 21-DMA at $2.645 will be in the offing.
January 21 highs also hang around that price point, making it a powerful upside barrier.
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Cardano price looks vulnerable amid falling wedge breakdown
Cardano price is continuing with its choppy trend around the $1.05 level heading towards the weekend, tracking the sluggish performance across the crypto board.
ADA bears are back into the game after offering temporary respite to bulls a day before, as traders continue to see the recovery rallies in the coin as a good selling opportunity.
The range trade in ADA price over the past few trading days implies that a big breakout to the downside is imminent, in the face of a falling wedge breakdown confirmed on the daily sticks on Tuesday.
This move prompted the so-called ‘Ethereum-killer to validate a fakeout from the bullish wedge seen on January 17.
The lowest levels since April 2021 at $0.917 will be back on ADA sellers’ radars should they find a strong foothold below the wedge support at $1.05. The bearish daily RSI backs the downbeat sentiment around Cardano price.
The round level of $1.80 will be the next downside target for ADA traders on an acceleration of the downside momentum.
ADA/USD: Daily chart
On the flip side, the immediate resistance is seen around the recent range highs around $0.15-$0.17.
ADA buyers will look out for the bearish 21-DMA at $1.216, as the road to recovery from nine-month lows gathers steam.
Further south, the $1.20 round figure could come to the rescue of bullish traders.
Check Out: What Will Cardano Be Worth In Five Years?