Top 3 Trending Cryptocurrencies, Shiba Inu, Cardano, Solana: SHIB Bears Target $0.0000295

Last Updated December 16th 2021
5 Min Read
  • Shiba Inu is primed for a range breakout, mostly to the downside as 100-DMA appears at risk. 
  • Cardano price remains trapped in a tight range, bears look to retest critical support at $1.13.
  • Solana price looks to recapture bearish 100-SMA on the 4H chart, ‘buy the dips’ to prevail. 

The crypto market has entered a phase of consolidation, with Bitcoin price contemplating another upside possibility amid a pick-up in buying volume.

The upbeat market mood, amid the monetary policy tightening path chosen by the major central banks this week to counter inflation, keeps the buoyant tone intact around the high beta digital currencies. 

Amongst the altcoins, Shiba price has shrugged off the positive news, citing that South America's largest virtual reality club will accept Shiba Inu and other cryptos through BitPay. Meanwhile, Solana is benefiting from the broad crypto market recovery, outperforming its Ethereum rivals such as Avalanche and Elrond. 

Meanwhile, Cardano price remains vulnerable, having lost 6% of its value in the previous week.

Let’s see how these three DeFi tokens are positioned on the technical graphs. 

Shiba Inu remains on track to test the $0.0000295 support

After reversing the weekend’s gains and losing 10% on Monday, Shiba Inu has been pressuring the downside while below the key $0.0000350 upside barrier.

Over the last two trading days, SHIB price is lacking a clear directional bias, showing a lacklustre performance around the $0.0000320 region.  

The meme coin follows the sluggish momentum seen across the crypto market, with a fresh downside opening up before SHIB bulls could try their luck once again.  

Technically, nothing seems to have changed for SHIB price, as traders remain on the sidelines, awaiting a sense of clear direction amid the extended range play. 

Shiba Inu’s daily chart shows that SHIB bears are testing the bullish commitments at the critical upward-sloping 100-Daily Moving Average (DMA) support at $0.0000329.

It’s worth noting that SHIB price has remained confined between the bearish 21-DMA and 100-DMA so far this month. The 21-DMA resistance is located at $0.0000378. 

A range breakout is inevitable, as the SHIB price gets squeezed between the two daily averages. 

The odds of a downside breakout appear higher, given that the 14-day Relative Strength Index (RSI), continues to hold ground within the bearish territory. 

A renewed selling wave is likely to probe the immediate support at $0.0000295, which is a December flash crash low. 

Failure to resist above the latter could put the falling trendline support, connecting the November 4 and December 4 lows, of $0.0000246 at risk. The next downside target awaits at the mildly bullish 200-DMA at $0.000020.

SHIB/USDT: Daily chart 

SHIB/USD daily chart 121621

The near-term negative outlook could reverse only on acceptance above the 21-DMA hurdle on a daily closing basis. 

SHIB buyers will then aim for the downward-pointing 50-DMA at $0.0000473, followed by the $0.000050 round number. 

The November 30 highs of $0.0000543 will be the level to beat for SHIB bulls. 

Check Out: How High Can SHIB Crypto Go By 2030? Shiba Inu Price Predictions

Cardano price: Path of least resistance appears south

Cardano price has stalled its two-day advance just above $1.33, as the bulls lose conviction amid a listless show put up by the crypto market. 

The ADA price action remains stuck within Monday’s trading range, as investors look forward to a fresh trigger to place aggressive bets. 

The ongoing bearish consolidative mode in ADA price, following the rejection around $1.78 levels earlier this month, suggests that bears are prepping up for the next leg lower. 

On the daily chart, the 14-day RSI is turning south below the midline, backing the potential downside move in ADA price.  

If the sellers extend their control, then a test of the December 4 troughs at $1.13 will be very well on the table. 

Additional declines will find momentum below the latter, opening floors towards the $1.00 level, July lows.

The seven-week-old falling trendline support at $0.81 will be the last line of defense for ADA buyers. 

ADA/USD: Daily chart

ADA/USD daily chart 121621

On the flip side, the intersection of the falling trendline resistance and bearish 21-Daily Moving Average (DMA) at $1.42 emerges as a powerful hurdle. 

ADA bulls need to find a strong foothold above that barrier to initiate a fresh upswing towards a major supply zone around $1.73-$1.78. At that level, the bearish 50-DMA coincides with the December month top. 

The horizontal 200-DMA at $1.86 will be next on the buyers’ radars. Recapturing that level will call for a bullish reversal in ADA price. 

Read Also: Is Cardano A Good Buy Or Goodbye

Solana price eyes additional gains amid bullish RSI

Solana price is extending its winning streak into the third straight day on Thursday, rebounding from two-month lows of $146.

In doing so, SOL bulls have clinched fresh weekly highs of $192, as they now take a breather before jumping onto another bid wave.

The buying resurgence keeps SOL price on track to book its first weekly gain, snapping the previous five straight weeks of losses. 

From a short-term technical perspective, SOL price is looking to extend the recent bullish momentum, having confirmed a falling wedge breakout on the four-hour chart a day before. 

The upside break has managed to take out the mildly bearish 50-Simple Moving Average (SMA) at $172, with SOL bulls now challenging the descending 100-SMA at $190.

Fresh buying opportunities above the latter could fuel a fresh rally towards the 200-SMA at $202.

The RSI is pointing north, closing in on the overbought territory, currently standing at 65.69. The leading momentum indicator adds credence to the underlying bullish tone in SOL price. 

SOL/USD: Four-hour chart

SOL/USD 4-hour chart 121621

On the downside, immediate support is seen at the 50-DMA, below which the upward-pointing 21-SMA at $165 could be put to test. 

The wedge resistance-turned-support at $157 will be the level to beat for SOL bears. That level is the last savior for SOL bulls. 

All in all, the path of least resistance appears to the upside for SOL price.

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