- Shiba Inu extends side trend between two key daily moving averages, awaits a range breakout.
- Cardano price turns south after rejection at higher levels, with eyes on the critical support at $1.11.
- Floki Inu price could see a fresh upswing amid a potential bull cross on the four-hour chart.
The bears have returned with a bang on the first trading day of a new week, fading the weekend love. Bitcoin’s failure to resist above the $50,000 level sparked a fresh selling wave across the crypto market.
However, the renewed downside appears short-lived amid the resumption of the Bitcoin exchange outflows. “Crypto going into exchanges may signal selling pressure, while withdrawals potentially point to accumulation,” Lucas Outumoru, an IntoTheBlock research analyst, noted recently in its latest research report.
The crypto traders remain on the edge ahead of the all-important Fed monetary policy decision, which is likely to accelerate the reduction in its asset purchases while hinting at a potential mid-2022 rate hike.
The altcoins are also tracking the widely traded digital assets on the downside, with Cardano bears likely to defy the encouraging on-chain metrics. IntoTheBlock’s Global In/Out of the Money (GIOM) model revealed that ADA price lacks healthy upside resistance levels.
However, Floki Inu appears to extend the recent bullish momentum, in the wake of Floki Inu's team plans to board major exchanges and multiple partnerships
Let’s see how these three DeFi tokens are positioned on the technical graphs.
Shiba Inu’s eyes a downside breakout amid bearish RSI
Shiba Inu is extending its range play around $0.0000350 into the ninth consecutive trading day on Monday, negating the renewed upside seen over the weekend.
The meme coin kicks off the week on the wrong footing, undermined by the fresh spurt of selling witnessed across the crypto market.
At the time of writing, SHIB price is eroding 7% on the day, challenging the $0.0000340, as sellers fight back control. Shiba bears are gearing up to extend the downtrend from the November 30 high of $0.0000543.
The weekend spike in SHIB price could be seen as the bulls attempting the last dance before correction from all-time highs of $0.0000885 regains momentum.
Shiba Inu’s daily chart shows that SHIB bears are likely to challenge the key upward-sloping 100-Daily Moving Average (DMA) support at $0.0000321.
Note that SHIB price has been trapped between the bearish 21-DMA and 100-DMA so far this month. The 21-DMA resistance is pegged at $0.0000388, with a range breakout much-awaited, as the trading range gets tighter each passing day.
With the 14-day Relative Strength Index (RSI), pointing south below the midline, a bearish breakdown below the 100-DMA remains more likely.
Selling resurgence could put the falling trendline support, connecting the November 4 and December 4 lows, at $0.0000257 on SHIB sellers’ radars.
Further down, SHIB bears will then target the mildly bullish 200-DMA at $0.0000198, as the next significant cap.
SHIB/USDT: Daily chart
Only a daily closing above the 21-DMA hurdle will help negate the bearish bias in the near term.
Acceptance above the latter will initiate a fresh rebound towards the ascending 50-DMA at $0.0000487.
The November 30 highs of $0.0000543 will be a level to beat for SHIB bulls.
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Cardano price feels the pull of gravity once again
Cardano price is building onto Sunday’s bearish momentum after retreating from a five-day top of $1.45.
Despite the pullback, ADA price keeps its range around $1.30, having failed rejection at $1.50 while the bulls continue to find fresh bids near $1.20.
In doing so, Cardano bears have stalled their descent at the December highs of around $1.78, looking to resume the downtrend amid a bearish technical setup pictured on the daily sticks.
ADA price remains poised to test the previous week’s low of $1.12, as the 14-day RSI is inching lower towards the oversold territory while below 50.00.
The death cross-driven remains in play, therefore, deeper losses towards the December 4 lows of $1.09 cannot be ruled out
Further south, sellers will look to test $1.00, July lows, below which the falling trendline support at $0.87 will be the line in the sand for ADA optimists.
Cardano price is thus seen as a good selling opportunity on every bounce for the traders.
ADA/USD: Daily chart
Alternatively, any upside attempts could see a follow-through only above the $1.50 resistance, which is the confluence of the falling trendline resistance and bearish 21-Daily Moving Average (DMA).
Daily closing above the latter will validate a falling channel breakout, opening doors towards the downward-pointing 50-DMA at $1.78. Further up, the 200-DMA at $1.86 could be probed.
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Floki Inu price retreats before the recent upsurge resumes
Floki Inu finally caught up with the massive 500% gains in the other doge-themed knock-offs such as Christmas Floki X, ElonFlokiInu and King Floki V2.
The canine-inspired meme coin spiked about 40% on Sunday, exploding through its recent prison range. However, on Monday, FLOKI price entered a phase of upside consolidation, as bulls contemplate the next leg higher.
The upside breakout propelled FLOKI price to fresh nine-day highs of $0.000195, extending the impressive rebound into the second straight day on Sunday.
As observed on Floki Inu’s four-hour chart, an upside breakout from a two-week-old descending triangle formation got validated on a sustained closing above the falling trendline resistance, then at $0.000131.
The further upside is now capped by the mildly bearish 200-Simple Moving Average (SMA) at $0.000175.
The latest pullback in FLOKI price is justified by the downtick in the Relative Strength Index (RSI). The leading indicator, however, holds above the midline, keeping FLOKI bulls hopeful.
A potential bull cross, with the 21-SMA likely to pierce the 50-SMA for the upside, adds credence to the move higher.
Should bulls find a strong foothold above 200-SMA, then a rally towards the $0.00020 mark could be in the books.
FLOKI/USDT: Four-hour chart
On the downside, FLOKI price has breached the 100-SMA support, exposing the convergence of the 21 and 50-SMAs at $0.000140.
If the selling pressure intensifies, then the triangle resistance now support at $0.000190.