Top 3 Trending Cryptocurrencies, Decentraland, Cardano, Shiba Inu: MANA Appears Sell On Rallies At $7

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Last Updated November 25th 2021
6 Min Read
  • Decentraland has room to rise towards $7.25 but MANA sellers are likely to jump in at higher levels.
  • Cardano price sees a dead cat bounce after a big technical breakdown on the daily sticks.
  • Shiba Inu breaches key $0.0000415 support, remains exposed to downside risk while below 50-DMA.

A renewed buying wave seems to have gripped the crypto market on Thursday after a downbeat mood seen so far this week. The pioneer cryptocurrency, Bitcoin, is seeing investors returning, with funds flowing back into Ripple and Ethereum as well.

The recent sluggish performance in the crypto market could be attributed to India’s latest update on the prohibition of private cryptocurrencies, which did not go well with the Indian crypto investors.

“We saw some panic selling across the INR markets leading to a nosedive in the prices of major crypto tokens,” Siddharth Menon, COO, WazirX.

However, with the inflows returning, the altcoins are also seen riding the wave higher. Decentraland, in particular, outperformed, as markets remain hopeful that it will likely capture a massive share of the metaverse market.

How are Decentraland, Shiba Inu and Cardano positioned on the technical charts?

Is Decentraland price facing bullish exhaustion?

Decentraland price is fluctuating between gains and losses around the $5 mark so far this Thursday, as holiday-thinned market conditions are triggering massive volatility in MANA coin. A majority of the North American traders are away, celebrating Thanksgiving Day.

Amid light trading, MANA price extended the previous upsurge and reached fresh all-time highs at $6.04 before reversing sharply to current levels.

The two-way businesses in the DeFi token come a day after MANA price exploded roughly 28% and rallied about $2 on the day.

From a short-term technical perspective, MANA bulls fought back control and how after the price confirmed an upside breakout from a month-long symmetrical triangle formation on Wednesday.

The bullish breakout materialized after MANA price gave a daily closing above the falling trendline resistance at $4.36.

Decentraland bulls now remain poised to test the pattern target measured at $7.25. Although the further upside appears elusive amid a price-Relative Strength Index (RSI) negative divergence spotted on the said time frame.

The negative divergence warrants caution for MANA bulls, signaling exhaustion at higher levels.

MANA/USD: Daily chart

MANA/USD daily chart 112521

Therefore, rejection near the $7 mark could recall the sellers, leading to fresh correction from record highs.

An immediate cushion for MANA buyers is envisioned at Wednesday’s high of $5.58, below which the corrective decline is likely to accelerate.

The next fierce cap is pegged at the triangle resistance-turned-support, now at $4.34. The further downside will call for a retest of Wednesday’s low of $3.78.

Read Also: Decentraland (MANA) Price Predictions

Cardano price confirms a falling wedge breakdown on the 1D chart

ADA price is making an impressive recovery attempt from three-month lows of $1.58, snapping a four-day bearish momentum on Thursday.

In doing so, Cardano price is adding 4% on the day, currently trading $1.73, as ADA bulls come up for thin air after the previous heavy sell-off.

The bears accelerated their control after the price failed to sustain above the $2 threshold.

Looking at it technically, Cardano price has invalidated the upside breakout triggered from a falling wedge formation on November 9 after it confirmed a breakdown from the said pattern.

The falling wedge breakdown came into effect after ADA price closed Wednesday below the descending trendline support at $1.76.

The renewed uptick in the no. 6 coin comes on the back of a similar rebound in the 14-day RSI. However, the downside bias remains well in place, as the leading indicator still remains below the central line.

On selling resurgence, ADA bears will look to take out key support at $1.66, where the August 11 low and November 24 low coincide.

Further south, the psychological $1.50 level could come to the rescue of the ADA optimists.

ADA/USD: Daily chart

ADA/USD daily chart 112521

Alternatively, the recovery momentum needs acceptance above the wedge support now resistance at $1.76.

ADA bulls will then flex their muscles towards the critical horizontal 200-DMA at $1.88.

The bearish outlook will get negated only a firm break above the $2 level, where the downward-sloping 50-DMA emerges.

Check Out: You Asked: What if I Invest $10 In Cardano?

Shiba Inu remains exposed to downside risks as the key support caves in

Shiba Inu is licking its wounds near four-week troughs, having finally broken the consolidative mode to the downside a day before.

SHIB bulls are finding some reprieve from a renewed optimism seen across the crypto board, despite minimal volatility this Thanksgiving Thursday.

The canine-themed coin is off the multi-week lows, looking to bring an end to its five-day losing streak. SHIB price rebounds to $0.0000403, up 6.50% on a daily basis, as the time of writing.

As observed on Shiba Inu’s daily chart, the latest pullback in SHIB price is likely to be short-lived, especially after a fresh downswing kicked in on Wednesday’s closing below the critical $0.0000415 support.

The level is the 23.6% Fibonacci Retracement (Fibo) level of the rally from October 21 lows of $0.00000270 to the record high.

The 14-day Relative Strength Index (RSI) is edging slightly higher but keeps its range well within the negative territory, allowing room for more declines.

Therefore, the downside remains exposed to $0.0000272, from where the record rally kicked in. That level forms powerful support, as the upward-sloping 100-DMA aligns there.

SHIB/USDT: Daily chart

SHIB/USD daily chart 112521

Meanwhile, for any recovery to gain a conviction, SHIB bulls will need to crack the bullish 50-DMA at $0.0000450 on a daily closing basis.

The next stop for the bulls is seen at $0.0000506, which is the intersection of the 38.2% Fibo level and mildly bearish 21-DMA.

A sustained move above that level will help fade the negative momentum for the time being, calling for a retest of the strong barrier at $0.0000580, which is the 50% Fibo level.

Further up, the 61.8% Fibo level of the same ascent at $0.0000650 will be on SHIB buyers’ radar, with the 78.6% Fibo level at $0.0000753 next on tap.

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