Top 3 Trending Cryptocurrencies, Shiba Inu, Cardano, Dogecoin: DOGE Bulls Eye $0.20 Above This Key Hurdle    

Last Updated January 13th 2022
5 Min Read
  • 21-DMA limits Shiba Inu’s solid rebound from near $0.0000260 support, as bearish RSI warrants caution. 
  • Cardano price faces an uphill battle on the road to recovery, sellers still remain hopeful. 
  • Dogecoin price turns fakeout into a bullish breakout from a descending triangle on the daily chart.

The crypto bulls are making a comeback on Thursday, with Bitcoin – the pioneer digital asset looking to regain the $45,000 threshold amid an overall recovery in the market sentiment. 

The crypto market went into a down phase earlier this month, as earlier and faster US Federal Reserve (Fed) rate hike expectations roiled the sentiment.

Amongst the altcoins, Shiba Inu rebounded firmly on rumors of a listing on Robinhood. “Shiba Inu Robinhood listing said to come as early as Feb,” media outlet ZeroHedge tweeted out a day before.

Dogecoin remains on the list of top cryptocurrencies accumulated by whales on the Binance Smart Chain, as the On-chain activity in the meme coin exploded so far this year. 

Meanwhile, Cardano price jumped after Coinbase fixed the withdrawal bug, which traders had been facing in the last week. 

Here’s all you need to know about these three DeFi tokens. 

Shiba Inu bulls aiming for $0.0000350, will they achieve it?  

Shiba Inu price is on a three-day uptrend, having managed to defend the critical support area near $0.0000260 on Monday.

With the recovery from three-month troughs, SHIB price has brought an end to the two-week-long descent, which kicked in after the bulls faced rejection at the $0.000040 threshold. 

The renewed upside seen so far this week has prompted SHIB buyers to add roughly 20% to their holdings, as the price now eyes a sustained move above the $0.0000326 resistance. 

On the daily chart, that upside hurdle appears to be the mildly bearish 21-Daily Moving Average (DMA). 

Should SHIB bulls gain acceptance above the latter on a daily closing basis, the recovery momentum will likely accelerate towards powerful resistance around $0.0000350.

At that level, the upper boundary of a month-long falling wedge formation and descending 50-DMA converge. 

An upside breakout from a falling wedge will get confirmed on a sustained break above the latter, triggering a fresh rally towards the bullish 100-DMA at $0.0000397, which is close to the aforesaid critical barrier from where the downtrend started. 

SHIB/USDT: Daily chart

SHIB/USD daily chart 011322

The 14-day Relative Strength Index (RSI), however, continues to hold below the midline, keeping the sellers cheerful in the near term.  

If the 21-DMA resistance holds, then a downturn towards the falling trendline (wedge) support at $0.0000260 cannot be ruled. That area meets with the January 8 lows, making it strong support. 

On a wedge breakdown, sellers will target the upward-sloping 200-Daily Moving Average (DMA) at $0.0000234. 

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

Cardano sellers looking to regain control in the near term

Cardano has returned to the red zone on Thursday, snapping the ongoing recovery rally, as the underlying bearish sentiment across the crypto market crept in. 

In doing so, ADA price is retracing from eight-day highs of 1.363, as sellers continue to have an upper hand around that price zone. 

Therefore, the recovery from six-month lows of $1.071 is losing its steam, as well depicted by Cardano’s technical setup on the daily chart. 

At the press time, ADA/USD is losing 0.84% on the day to trade at $1.302, reversing a spike above the horizontal 21-DMA barrier at $1.325, as bulls ran into the bearish 50-DMA cap at $1.367. 

Looking at the broader picture, Cardano price took support of the descending trendline at $1.071 to initiate the recent upswing, ending the downside extension of the symmetrical triangle breakdown confirmed last Friday.

Wednesday’s 7% rally saw ADA price recapturing the triangle support, now at $1.262, although the upside appears to lack follow-through, at the moment. 

The daily RSI has flattened at the central line, suggesting odds of a bull-bear tug-of-war after the recent turnaround in ADA price. 

Immediate support is now seen at the triangle lower boundary, below which the selling momentum will be renewed. Sellers will then look to retest the falling trendline support, now at $1.061.

A daily closing below that cushion will pave the way for a fresh sell-off towards the July low of $1.00.

ADA/USD: Daily chart

ADA/USD daily chart 011322

On the upside, the so-called ‘Ethereum-killer’ needs to scale above the horizontal 21-DMA on a sustained basis for ADAQ buyers to challenge 50-DMA once again.  

Fresh buying opportunities will get created above the 50-DMA barrier, exposing the triangle resistance at $1.543.

Read Also: Why Cardano Is So Cheap?

Dogecoin price remains poised for additional upside  

Dogecoin price is trading on the front foot this Thursday amid what appears to be a dead cat bounce within the crypto market. 

The bullish interest around the canine-inspired coin remains unabated, as DOGE price extends its three-day rebound from six-week lows of $0.135.

Dogecoin traders remain hopeful for additional recovery, especially after the price is on track to validate a descending triangle breakout on the daily sticks. 

DOGE bulls have clearly regained ground above the falling trendline (triangle) resistance at $0.1633 but a daily close above the latter is critical to confirming the upside break. 

Further, the 14-day Relative Strength Index (RSI) has pierced through the midline from below, suggesting that the tide has likely shifted in favor of bulls. The leading indicator is looking bullish at 52.71, as of writing. 

On the road to recovery, immediate resistance is envisioned at the downward-sloping 50-DMA at $0.177, with a strong foothold above that to test a dense cluster of healthy barriers around the $0.20 mark.

The level to beat for DOGE bulls is aligned at the mildly downbeat 100-DMA at $0.2149.

DOGE/USD: Daily chart 

DOGE/USD daily chart 011322

If DOGE price closes 21-DMA resistance-turned-support, then the triangle resistance at $0.1633 will be put to test once again. 

Further south, Wednesday’s low of $0.1512 will be on the radars of the bearish traders. 

All in all, the path of least resistance appears to the upside for Dogecoin once 50-DMA is taken out decisively. 

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