Top 3 Cryptocurrencies To Watch This Week, Shiba Inu, Sandbox, Cardano: Altcoins Rebound But Not Out Of Woods Yet 

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Last Updated March 3rd 2022
5 Min Read
  • Shiba Inu price recalls sellers after facing rejection near the critical Fibo resistance at $0.0000294.
  • Sandbox price retraces after the big technical breakout on the 12H chart, a buy the dip trade? 
  • Cardano price validates a rising wedge breakdown on the 12H chart, could rebound before retesting $0.75.

The sentiment within the crypto market is rather mixed, despite the minor recovery attempts led by the altcoins. Investors refrain from placing any directional bets on the higher-yielding digital asset, awaiting the outcome of round two of the Russia-Ukraine peace talks with bated breath. 

The talks were supposed to start at 12 GMT, per Belta agency, as investors remain hopeful for a ceasefire in the ongoing war. 

Bitcoin, the granddaddy of cryptocurrencies is trading on the backfoot below the $44,000 level while Ethereum remains sluggish below the $3,000 threshold. 

The same mood is witnessed amongst the altcoins, although a slight optimism, as Shiba Inu, Cardano and Sandbox look for a renewed upside. 

Let’s see how Shiba Inu, Sandbox and Cardano are positioned on the daily technical graphs. 

Shiba Inu bears extend control, with 23.6% Fibo support back in dight

Shiba Inu price is extending the bearish reversal into the second straight day this Thursday, having run into strong offers just below the $0.000030 threshold on Tuesday.

The rebound in SHIB price from four-day troughs lost legs in the first half of this week, as a fresh selling wave gripped the crypto market a day before. 

The tide once again turned in favour of SHIB bears, as the price extended its correction from a ten-day top of $0.0000286. The altcoin is now losing roughly 1% on the day, trading at $0.0000255 levels. 

Looking at Shiba Inu’s price chart, the recent retreat has compelled the canine-inspired meme coin to cut through several critical support levels, exposing further downside risks. 

After facing rejection below $0.0000294, the all-important 61.8% Fibonacci Retracement (Fibo) level of the rally from February 3 troughs to the February top of $0.0000352, SHIB bears took out the next significant support level of $0.0000276.

That level is the convergence of the 50.0% Fibo level, over a month-long rising trendline support-turned-resistance and ascending 200-Daily Moving Average (DMA).

The downward spiral accelerated below the last, swiping off the bearish 21-DMA at $0.0000268.

SHIB bulls lost all hope after Shiba Inu surrendered the crucial support at $0.0000259, where the horizontal 50-DMA coincides with the 38.2% Fibo level of the same advance. 

Note that SHIB price will have to clear all of the abovementioned support levels now turned resistances if it wants to recapture the $0.000030 mark. 

SHIB/USDT daily chart 030322

SHIB/USDT daily chart. Source: TradingView

With the 14-day Relative Strength Index (RSI), however, pointing lower below the midline, an extension of the ongoing downside remains on the table.  

The next relevant support is seen at $0.0000236, the 23.6% Fibo level, below which a fresh downswing towards $0.000020 will be inevitable.

Don't Miss: What Will Shiba Inu (SHIB) Be Worth in 2030?

Sandbox price looks to resume the uptrend towards the $4 mark

Sandbox price is on a corrective pullback from a ten-day top of $3.429 reached Wednesday, as sellers continue to lurk above the $3.40 round level. 

In doing so, SAND bears are looking to flex their muscles towards Tuesday’s low of $3.095, although bulls appear to give them a tough fight amid an improving mood seen across the crypto board. 

At the time of writing, the altcoin is trading around $3.240, down 1.25% on a daily basis, remaining on track to book the first weekly gain in four weeks. 

From a short-term technical perspective, Sandbox price continues to look north, despite the recent retracement, as a symmetrical triangle breakout confirmed Tuesday on the 12-hour chart remains in play.

The RSI has turned flat just beneath the central line, suggesting that the pullback may be nearing an end.

Therefore, buying resurgence could initiate a fresh upswing back towards the multi-day top, above which the $4 level will come back into the spotlight. 

Ahead of that round number, bulls could be challenged by the confluence of the 50-Simple Moving Average (SMA) and 100-SMA around $3.70.

SAND/USDT daily chart 030322

SAND/USDT 12-hour chart. Source: TradingView

On the flip side, the immediate downside seems cushioned by the intersection of the triangle resistance now support and horizontal 21-SMA around $3.12.  

A firm break below the latter will revive the selling interest, exposing the original triangle support at $3.033.

The February 24 lows of $2.709 will be put to test on a 12-hourly candlestick closing below the latter.

Read Also: The Sandbox Price Predictions

Cardano bears need to crack this final suppurate the downside 

Cardano price is making its headway towards the yearly lows of $0.747, as ADA bears refuse to give up control so far this Thursday.

Despite the extended sell-off, ADA price remains within Monday’s trading range, having failed to find conviction once again near the $1 level.

The so-called ‘Ethereum-killer’ is losing nearly 2% of its value while trading at $0.923, at the press time, with a temporary pullback likely on the cards, as portrayed by Cardano’s 12-hour chart. 

The technical setup remains in favor of ADA sellers, as the price has confirmed a two-week-old rising wedge formation after yielding a 12-hourly candlestick closing below the rising trendline support at $0.921.

If the horizontal 21-SMA support at $0.896 is cracked on a sustained basis, then a sharp drop towards the February 27 low of $0.833 will be in the offing. 

Further south, the yearly lows will be retested should the selling pressure intensify below the February 27 low.

ADA/USDT daily chart 030322

ADA/USD 12-hour chart. Source: TradingView

If ADA buyers manage to defend the 21-SMA, then the rebound could face an immediate challenge from the wedge support now turned resistance at $0.934.

Acceptance above the latter is critical to unleashing the recovery towards the powerful upside barrier seen around the $1 psychological mark. 

A convincing break above that level will invalidate the bearish wedge pattern, calling for a bullish reversal towards the descending 100-SMA at $1.085.

All in all, the bearish potential remains intact for ADA price and every bounce should be seen as a good selling opportunity. 

Check Out: Why Cardano Is So Cheap?