Top 3 Trending Cryptocurrencies, Dogecoin, Cardano, Shiba Inu: DOGE Prepping Up For A Rally Towards $0.30

Last Updated November 15th 2021
6 Min Read
  • Dogecoin price looks for a fresh run higher towards 200-DMA once 21-DMA is recaptured.
  • Cardano price needs to take out this key resistance to resume the uptrend towards $2.40
  • Shiba Inu bulls bidding up for a range breakout, with eyes on 61.8% Fibo level on the 1D chart.

The flagship cryptocurrency, Bitcoin, entered a phase of upside consolidation after it briefly recaptured $66,000 earlier on, in the aftermath of the Taproot upgrade. The much-awaited Bitcoin upgrade, Taproot, was activated on November 14.

Amidst a broader market optimism, Bitcoin, Ethereum and Ripple are all set to record fresh all-time highs. The same upbeat mood is seen translation across the altcoins space.

Out of the canine-themed coins, Dogecoin is looking more promised when compared to Shiba Inu. The persistent growth in Dogecoin’s buy-side activity is keeping the long positions underpinned. Meanwhile, fading investors’ interest in the SHIB coin has left the price listless after reaching multi-month highs of $0.3556 on October 28.

How are Dogecoin, Cardano and Shiba Inu are positioned on the graphs?

Dogecoin price: Bulls remain hopeful while above this key support

Dogecoin price is extending its range-bound momentum into the fifth straight day this Monday. DOGE, however, keeps its price action within last Wednesday’s trading range.

Each passing day, the range is getting tighter, calling for a breakout in either direction. At the time of writing, DOGE price is fluctuating between gains and losses, as the bull-bear tug-of-war extends between $100.

Doge sellers continue to lurk above the $0.27 mark while the buyers continue to find fresh bids near the $0.2550 region.

Explaining the price action technically, DOGE has been forming higher highs since Wednesday’s sell-off, with the downside supported by the mildly bullish 100-Dailly Moving Average (DMA) at $0.2591.

The sellers have tried to find their foothold below the latter on several occasions but to no avail, as the strong dip-buying demand continues to emerge.

DOGE bulls are likely to remain motivated so long as the price holds above the 100-DMA.

However, the upside momentum will pick up pace only on acceptance above the immediate resistance seen at the horizontal 21-DMA, now at $0.2678.

The 14-day Relative Strength Index (RSI) is defending the 50.00 level, suggesting that the bullish grip is likely to remain intact in the near term.

Buying resurgence could see a fresh uptick towards the critical horizontal 200-DMA at $0.2848.

Note that DOGE price has failed to yield a daily closing above the 200-DMA since October 28.

The $0.30 round figure will draw attention should the bulls hold reins above the 200-DMA.

DOGE/USD: Daily chart

DOGE/USD daily chart 111521

On the flip side, if DOGE sellers find acceptance below the abovementioned critical 100-DMA support, then a test of a significant demand area around $0.25 will be inevitable. That level is the confluence of the rising trendline support and the ascending 50-DMA.

A daily closing below that cushion will trigger a fresh downswing towards Wednesday’s low of $0.2337.

Further south, the October 28 low of $0.2272 could come to the rescue of the DOGE buyers.

Read Also: Is It Better To Invest Or Trade Dogecoin

Cardano price is breaking higher, 50-DMA at risk once again

ADA price is posting small gains on Monday, having kicked off the week on a negative footing, as the bulls jump back into the game despite a mixed mood across the crypto market.

Cardano price is challenging the bearish commitment while trading just above the $2 threshold, at the momentum.

The no. 6 coin is trying hard to build onto Sunday’s quick comeback from $1.95 levels. Cardano’s technical setup portrays that it seems to be an uphill task for ADA bulls so long as the downward-sloping 50-DMA at $2.12 is not scaled on a daily closing basis.

From a broader perspective, Cardano’s bullish potential remains well in place, especially after the upside breakout from a falling wedge formation was confirmed last Tuesday.

The 14-day Relative Strength Index (RSI), however, is trading below the midline, warranting caution for the bulls, as they seek a fresh upside now.

A daily closing above the horizontal 50-DMA resistance will boost the buyers’ morales, bring the wedge resistance back in play. That hurdle is aligned at $2.21.

Just above that level, the upward-pointing 100-DMA at $2.25 will challenge the renewed upswing in ADA price. The multi-week highs of $2.40 will likely get tested on clearance of the latter.

ADA/USD: Daily chart

ADA/USD daily chart 111521

On the downside, if ADA bears give away the horizontal 21-DMA cushion at $2.02, deeper losses could be incurred, with eyes on Wednesday’s high of $1.92.

The next bearish target for ADA price is seen at the rising 200-DMA at $1.85, followed by the line in the sand of the wedge support, appearing at $1.78.

Don't Miss: What Might Happen If You Invest $100 In Cardano (ADA) Today?

Shiba Inu price contemplating the next move higher?

Shiba Inu is holding onto Sunday’s rebound, as the consolidative mode continues, with SHIB traders lacking a clear directional bias.

The canine-themed coin is trading virtually unchanged on the day, currently at $0.0000530, having retraced from intraday highs.

From a short-term technical perspective, SHIB price is extending its side trend between $0.000060 and $.000050 into the ninth day in a row this Monday.

SHIB bulls continue to run into offers around $0.0000580, which is the intersection of the upward-pointing 21-Daily Moving Average (DMA) and the 50% Fibonacci Retracement (Fibo) level of the recent rally from October 21 lows of $0.00000270 to the record high.

Only a daily closing above the aforesaid critical resistance will fuel a fresh advance towards the 61.8% Fibo level of the same ascent at $0.0000650.

The 78.6% Fibo level at $0.0000753 will challenge the further upside if the buying pressure intensifies.

The 14-day Relative Strength Index (RSI) is holding steady above the midline, keeping the bullish undertone underpinned.

SHIB/USDT: Daily chart

SHIB/USD daily chart 111521

Alternatively, failure to find acceptance above the 21-DMA will recall the sellers, threatening the 38.2% Fibo level at $0.000050 once again.

The additional downside will then expose the 23.6% Fibo support at $0.0000416, below which a fresh sell-off towards $0.0000350 cannot be ruled out.

Check Out: Is Shiba Inu A Buy?

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