Top 3 Trending Cryptocurrencies Shiba Inu, Dogecoin, Binance Coin: SHIB Price Eyes A Big Move Above $0.000010
- Shib price looks to conquer $0.000010 and beyond as daily technical setup remains in favor of bears.
- Dogecoin bulls likely to struggle while below 21-DMA, a potential bear cross seen on the 1D chart.
- Binance Coin could extend its upswing above 50-DMA, as bulls recapture 21-DMA hurdle.
A green wave has gripped the crypto markets in the first half of this week so far, as Bitcoin and the most widely-traded altcoins see a revival of buying interest. Bitcoin briefly regained the $35,000 level while Ethereum launches itself towards $2400.
The digital assets appear to have shaken off the latest news of the Chinese crackdown. In its latest effort on restricting virtual currency transactions, the People’s Bank of China’s (PBOC) Beijing office ordered a shutdown of a Beijing-based software maker suspected of crypto trading. The PBOC also warned companies in Beijing not to provide venues, commercial displays, advertising for cryptocurrency-related businesses.
The crypto bulls did turn defensive for a while on the above headlines but yet remain in the game. The widely watched DeFi tokens such as Shiba Inu and Dogecoin also witness some positive momentum, despite Tesla founder Elon Musk’s recent allegiance to Baby Doge coin. The Dogecoin spin-off spiked in value after Musk endorsed it by tweeting a lyric, “Baby Doge, doo, doo, doo, doo, doo.”
Meanwhile, the so-called ‘Dogecoin Killer’, Shiba Inu, also draws support from a couple of catalysts, including the launch of its much-anticipated decentralized exchange (DEX), ShibaSwap, and the integration of the SHIB token on a retail platform where consumers shop.
On the other hand, Binance Coin appears promising even though the UK’s Barclays bank blocked transfers to Binance, in light of a recent warning issued by the Financial Conduct Authority (FCA).
How are these three trending tokens positioned on the technical charts?
Shiba Inu teases a symmetrical triangle breakout on the daily chart
After displaying a range play over the past six trading days, Shiba Inu finally witnesses some volatility this Tuesday. The canine-themed coin tumbled earlier in the day before rebounding firmly, gaining as much as 13% so far.
The Shib price is gathering strength to recapture the $0.000010 level, as the bulls show great valor after a sharp downward spike to $0.000006909. At the time of writing, SHIB/USDT hovers around $0.000009435, having hit fresh weekly highs at $0.000009775.
The wild swings saw the SHIB price finally break through the 21-Daily Moving Average (DMA) support at $0.000007905, in order to test the upward-sloping 100-DMA at $0.000006623.
The rebound from above the 100-DMA prompted the bulls to recapture the abovementioned 21-DMA support-turned-resistance and the bearish 50-DMA at $0.000008309.
It’s worth noting that Shiba Inu has been wavering in a symmetrical triangle formation since mid-June. The volatile trading fuelled a bounce from the triangle support, as the bulls now tease the triangle resistance at $0.000009481.
A daily closing above the latter will validate an upside breakout from the triangle, opening doors towards the $0.000010 barrier.
SHIB/USDT: Daily chart
If the buyers manage to find a strong foothold above the round number, a test of the June 1 high at $0.00001047 remains inevitable.
Further up, SHIB bulls could flex their muscles to challenge the May 24 high at $0.000012222.
The 14-day Relative Strength Index (RSI) points north above the midline, currently at 58.03, suggesting that there is more room for the upside.
Any pullback from higher levels could see initial demand at the 50-DMA – resistance-turned-support, below which the critical 21-DMA fencing could be probed.
Read Also: Is Shiba Inu (SHIB) A Good Buy?
Dogecoin: Sellers looking to regain control, as 200-DMA support keeps calling
Dogecoin is once again trading directionless in Tuesday’s trading so far, extending its listless performance experienced since June 27.
DOGE price is paring back the early rebound, as it appears to resume Monday’s down move. The meme coin set off the week on the wrong footing, as DOGE bulls finally yielded into the bearish pressures after a three-day non-stop battle.
DOGE’s daily chart is a no-show, portraying the recent sluggish momentum, with three consecutive Doji candlesticks formed before the previous downtick.
The price remains on track to form lower highs while moving beneath the 21-DMA since June 2. This suggests that Dogecoin’s downside bias remains well in place until the price finds acceptance above the latter, now at $0.2522, on a daily closing basis.
Further up, the confluence of the 50 and 100-DMAs around $0.3050 could emerge as a tough nut to crack for the bulls.
DOGE/USD: Daily chart
However, the risks remain skewed to the downside in DOGE price, as the sellers keep their sight on the powerful mildly bullish 200-DMA cushion, now standing at $0.1680.
Adding credence to a potential downswing, the 50-DMA is on the verge of cutting the 100-DMA from above, which if materialized would confirm a bear cross on the said time frame.
Further, the RSI – leading indicator continues to trend below the central line, keeping the sellers hopeful.
En-route the 200-DMA target, the bears could the bids around the $0.20 psychological level. At the press time, DOGE/USD hovers around $0.2350, adding about 1.50% on the day.
Binance Coin: Bulls await a convincing break above 50-DMA for more upside
The gradual uptrend in Binance Coin is gaining momentum on the second trading day of this week, as the bulls are finally making their presence felt, posting nearly 5.50% gains on the day.
The BNB bulls are attempting to break the ongoing prison range while extending its recovery from five-week lows of $224.74.
The upbeat tone across the crypto space is helping Binance coin enhance its performance, as its technical setup seems to have turned in favour of the bulls.
As observed on BNB’s daily chart, the price has finally reclaimed ground above the bearish 21-DMA at $304.75, as it currently trades around $316.
The BNB bulls are now looking to take out the 50-DMA hurdle at $337.26 to unleash additional upside towards the $350 psychological magnate.
The bullish RSI hovering just above 50.00 backs the constructive picture for BNB price. The next upside target for the buyers is envisioned at the horizontal (orange) trendline resistance at $381.37.
BNB/USD: Daily chart
Alternatively, if the 21-DMA resistance-turned-support gives way, the downside break could recall the ascending 200-DMA at $281.54 for the buyers’ rescue.
The abovementioned support is the line in the sand for the bullish traders, as it has guarded the downside since the May flash crash.