Top 3 Cryptocurrencies To Watch This Week, Shiba Inu, Sandbox, Cardano: SHIB Bulls Eye $0.000030

Last Updated March 1st 2022
5 Min Read
  • Shiba Inu price is set to extend the rebound towards the critical Fibo resistance at $0.0000294.
  • Sandbox price recaptures the 21-SMA on the 12H chart, with a room to rise towards $3.85 levels.
  • Bearish 21-DMA is a tough nut to crack on Cardano’s road to recovery from yearly lows.

Following the Russia-Ukraine peace talks, markets seem to have found a sense of calm, although the looming risks of escalation in Eastern Europe keep investors on the edge.

The month-end flows also collaborated with the relief rally seen across the crypto board, with Bitcoin, the pioneer digital asset recapturing the $44,000 mark.

That said, it remains to be seen if the crypto optimists manage to sustain the recovery ahead of Wednesday’s testimony from Fed Chair Jerome Powell, in which he may hint at aggressive tightening plans.

Amongst the DeFi tokens, Shiba Inu looks to outperform its canine-themed rival Dogecoin. Cardano price also appears north, as the CoinMarketCap crypto community bets Cardano to trade at $1.50 by the end of this month.

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

Shiba Inu bulls ready to take on complete control amid ongoing upswing  

Shiba Inu price is extending Monday’s rebound, having kicked off a fresh week on a positive footing, as the overall sentiment across the crypto board improves. 

After last Thursday’s slump to three-week lows of $0.0000207, SHIB price entered a phase of consolidation below $0.0000250 before breaking out from the said range a day before. 

This Tuesday, SHIB bulls retain control, looking to flex their muscles, as they build onto the previous rebound to test the critical resistance area 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, over a month-long rising trendline support-turned-resistance, bearish 21 and ascending 200-Daily Moving Averages (DMAs).

In doing so, SHIB buyers have recaptured the previous resistance now support at $0.0000259, where the 38.2% Fibo level coincides with the horizontal 50-DMA.

The further upside now targets the 61.8% Fibo level at $0.0000294, above which a fresh advance towards the downward-sloping 100-DMA at $0.0000308 will be kicked in.

The 14-day Relative Strength Index (RSI) has pierced through the midline with immense vigor, backing the latest uptick in SHIB price. 

SHIB/USDT: Daily chart

SHIB/USD daily chart 030122

Alternatively, any retracement will need further validation below the 38.2% Fibo level and 50-DMA confluence at $0.0000259.

A daily closing below the latter is needed to resume the downtrend towards the crucial $0.000020 level, from where the upsurge started in early February. 

Ahead of that Thursday’s low will challenge the bullish commitments.  

Check Out: Should You Buy Shiba Inu? 5 Pros, 5 Cons

Sandbox price: Recovery attempts seem to extend further

Sandbox price is in a run higher so far this Tuesday, having staged an impressive turnaround from four-day lows of $2.828 at the start of the week.

SAND bulls break higher from the previous week’s choppy range, as they manage to find a strong foothold above the $3 mark.

The altcoin is sitting at fresh eight-day highs of $3.382, adding roughly 4% on a daily basis while almost reversing last week’s 9% loss. 

From a short-term technical perspective, Sandbox’s path of least resistance appears to the upside after the bulls yielded an upside breakout from a symmetrical triangle formation on the 12-hour chart. 

Although its too early to rejoice for bulls, as SAND price is yet to close the falling trendline resistance at $3.198 on a 12-hourly candlestick closing basis.

If that happens, then buyers will create fresh entries to kick off a rally towards the $3.85 region, where the bearish 50-Simple Moving Average (SMA) coincides with the 100-SMA.

The bullish momentum is justified by the fresh leg up in the RSI, as the leading indicator peeps into the positive territory.    

SAND/USDT: 12-hour chart 

SAND/USD 12-hour chart 030122

On the flip side, should SAND bulls fail to resist above the aforesaid critical resistance, then a pullback towards the mildly bearish 21-SMA at $3.118 could be in the offing.

A firm break below the latter will revive the selling interest, exposing the rising trendline support at $2.964.

The additional declines below the last will confirm a symmetrical triangle breakdown, opening floors towards February 24 lows of $2.709.

Read Also: The Sandbox Price Predictions

Cardano price could be a ‘sell the bounce’ trade 

Cardano price is on a gradual recovery mode for the second straight day on Tuesday, having found some solid support near the $0.85 zone.

ADA bulls are cheering the ongoing upbeat momentum even though the price pulls back from eleven-day highs $1.011.

The so-called ‘Ethereum-killer’ is easing back below the $1 mark, currently trading at $0.98, adding 1.56% on the day. 

As observed on Cardano’s daily chart, bulls have regained control above a month-old horizontal channel support now turned resistance at $0.921, which is the January 22 low as well.

Note that ADA price confirmed the channel breakdown on February 21 after yielding a daily close below that key demand area. 

The altcoin fell as low as $0.747 last Thursday after the bearish confirmation, although bulls jumped back into the game after a few days of consolidation.

Despite the rebound, the daily RSI continues to warrant caution for ADA long holder, as it remains below the central line. 

If the bearish 21-DMA at $0.992 gets successful in guarding the upside, then a retest of the $0.921 support will be inevitable. 

The next significant line of defense is seen around $0.85, below which Thursday’s low will come into the picture once again.

ADA/USD: Daily chart

ADA/USD daily chart 030122

On the other hand, acceptance above the 21-DMA barrier will offer the much-needed impetus to Cardano bulls, which will help extend the recovery towards the horizontal 50-DMA at $1.102.

Up next, buyers will gear up for a retest of the February highs at $1.263, calling for a bullish reversal.

Don't Miss: Cardano (ADA) Price Prediction for 2025 and 2030