Top 3 Cryptocurrencies To Watch This Week, Shiba Inu, Solana, Dogecoin: SHIB Bears Keep Eyes On $0.000020

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Last Updated March 14th 2022
5 Min Read
  • Shiba Inu price remains poised to break the $0.000020 key support, as sellers keep lurking near $0.0000230.  
  • Solana price attempts a bounce but not out of the woods yet, as the daily RSI remains bearish. 
  • Dogecoin price fades Elon Musk-led spike, as $0.12 continues to offer stiff resistance.

Crypto bulls are trying hard to defend control after witnessing a sluggish performance over the weekend, mainly in response to hopes for diplomacy between Russia and Ukraine.

Further, a tweet from Tesla Inc.’s founder Elon Musk also briefly helped the turnaround in the digital assets. Bitcoin, the flagship cryptocurrency, jumped towards the $40,000 mark, currently trading just below $39,000. Ethereum tested the $2,600 level once again.

Musk, while responding to a question on Twitter about the thoughts on the probable rate of inflation over the next few years, “As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products than dollars when inflation is high. I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.”

Amongst the altcoins, Shiba Inu has failed to capitalize on the news that 103.8 million Shiba Inu tokens were burned over the past week, reducing its circulating supply. Meanwhile, for Solana, industry experts have aligned $89 as a strong resistance, which could keep any upside attempts in SOL limited.

Amongst the DeFi tokens, Shiba Inu, Solana and Dogecoin are likely to remain in the spotlight this week. How are these coins positioned on the technical graphs?  

Shiba Inu bears take a breather before resuming the next downtrend

The price of Shiba Inu seems to have started off the week on a positive note after hitting the lowest in two weeks at $0.0000212 on Sunday. 

In doing so, SHIB bulls look to reverse the ongoing downward spiral that kicked in after they faced rejection just shy of the $0.000030 mark on the first day of this month. 

The recent pullback in the canine-themed meme coin is seen as a dead cat bounce, having booked an 8.50% loss in the previous week. 

Shiba Inu’s 12-hour daily structure also points to a technical rebound, as a bunch of healthy upside barriers is likely to keep the path of least resistance to the downside.

At the time of writing, the no.15 coin is paring back gains to trade around $0.0000218. 

SHIB sellers fight back control, as the Relative Strength Index (RSI) has snapped its recovery momentum, inching lower below the midline, pointing to a renewed downside in the offing. 

Adding credence to the potential move lower, a bear cross remains in play, in light of the 50 and 100-Simple Moving Averages (SMA) crossover a day before.

The immediate support is now seen at the two-week lows, below which the February 24 low of $0.0000207 will be retested. 

The extension of the downside breakout from the three-week-old rising channel formation will pick up steam on a 12-hourly candlestick closing below the $0.000020 key level. 

The January 22 lows of $0.0000170 will be back on the sellers’ radars should the selling pressure intensify.

SHIB/USDT 12-hour chart 031422

SHIB/USDT 12-hour chart. Source: TradingView

On the upside, an initiation of a meaningful recovery will call for acceptance above $0.0000230, where the rising (dashed) trendline support coincides with the bearish 21-SMA.

The next stop for SHIB buyers is pegged at $0.0000252, which is the point of intersection of the rising channel support, the downward-sloping 50 and 100-SMAs.

Related: Shiba Inu (SHIB) Price Predictions

Solana’s rebound could likely get sold-off at the 21-DMA

After Sunday’s down day, Solana's price is attempting a comeback from near two-week lows of $77.76 amid a buying wave seen across the crypto board. 

The altcoin is looking to end its correction from monthly highs of $106.47, as SOL bulls continue to run into stiff offers below the $85 level. 

The renewed uptick in the no.9 cryptocurrency could find legs in the upcoming sessions, should it regain the previous week’s high of $89.90.

From a short-term technical perspective, nothing seems to have changed for the so-called ‘Ethereum-killer’, as SOL bears are expected to remain in the game so long as the descending 21-Daily Moving Average (DMA at $88.00 is taken out on a sustained basis. 

Fresh upward move in the 14-day RSI backs the rebound in SOL price but it lacks conviction, as the leading indicator lurks below the 50.00 level. 

On selling resurgence, the February 24 low of $75.34 will come to the immediate rescue of bulls. 

If SOL bears manage to find a strong foothold below the latter, then a fresh downswing towards falling trendline support at $72.34 cannot be ruled out. The trendline is formed connecting the January 24 high and February 24 peak. 

SOL/USD daily chart 031422

SOL/USD daily chart. Source: TradingView

Alternatively, SOL bulls need a daily closing above the 21-DMA barrier to tigger a bullish reversal, exposing the next significant bullish target at the downward-sloping 50-DMA at $94.90.

Should the bulls flex their muscles, the monthly top at $106.47 will be challenged once again. 

Related: Solana (SOL) Price Predictions

Dogecoin price eyeing an upside breakout on the daily sticks 

Dogecoin price has staged a solid comeback so far this Monday, having recorded the fifth straight weekly loss, although bulls are lacking the follow-through upside momentum.

DOGE bulls found solid bids near $0.109, the lowest since February 24, allowing a rebound above $0.12. Bears, however, came into force above the last, dragging the rates back to near $0.1150, where they now waver. 

Technically, DOGE price met strong supply around $0.1210, where the downward-sloping 21-DMA meets with the one-month-long falling trendline resistance.

Since then, the no. 13 crypto coin is consolidating the bounce, as bears continue to test bulls’ commitments. 

A daily closing above the aforesaid strong cap is critical to unleashing additional recovery towards the $0.139 area, the confluence of the March 1 high and bearish 50-DMA.

The 14-day RSI is pointing north, justifying Monday’s rebound but bulls remain cautious, as the leading indicator continues to hold below the central line.  

DOGE/USD daily chart 031422

DOGE/USD daily chart. Source: TradingView

In such a case, if DOGE sellers return, then traders will create fresh selling opportunities, exposing the February 24 lows of $0.106. 

The psychological $0.100 mark will create a solid demand area for DOGE optimists. The downtrend will then resume, prompting a test of the levels last seen in April 2021. 

Related: Dogecoin (DOGE) Price Prediction