Top 3 Trending Cryptocurrencies Shiba Inu, Dogecoin, Cardano: Shib Price Eyes Another 100% Upswing
- Shib price remains poised for a fresh upswing after skyrocketing 150% so far this Monday.
- Dogecoin eyes 100-SMA support on the 4H chart amid bearish RSI while below 50-SMA.
- Negative price-RSI divergence on the 12H chart suggests Cardano’s sell-off is far from over.
The crypto markets remain a mixed bag starting out a fresh week, with Ethereum hitting record highs past $4,100 and Bitcoin still hovering below $60,000.
Massive volatility in digital tokens such as Shiba Inu, Dogecoin and Cardano is making them more endearing, as the focus shifts from Bitcoin’s price action.
The Shib coin is a relatively new cryptocurrency, hogging the limelight in the past 24 hours, as it skyrocketed nearly 150% after the crypto exchange, Binance, announced that it has listed the canine-inspired coin.
Meanwhile, Dogecoin, the fourth widely traded digital asset, continues to dance to the whims and fancies of Tesla Inc and SpaceX founder, Elon Musk. Of late, the DOGE price is on a severe downward spiral, as investors resorted to ‘buy the face, sell the rumour’ strategy after Musk’s Saturday Night Live (SNL) appearance. Musk referred Dogecoin as a ‘hustle’ during the comedy show, which triggered the price crash.
As for Cardano, industry experts are eyeing short-term targets of $5 once the $2 threshold is taken out, as on-chain metrics remain in favour of the bulls.
How are these three hot DeFi tokens positioned technically?
Shib Price: A potential bull flag formation on the 30-minutes chart points to more upside
Following its debut on Binance exchange, the Shib price skyrocketed and nearly doubled its value this Monday.
The SHIB bulls are taking a breather after the three-day blistering rally to $0.000034, gathering strength for the next push towards the moon.
The 30-minutes chart for the canine-theme digital asset shows that the recent surge that followed a minor consolidation, has taken a shape of a bull flag formation.
The bull flag is a continuation pattern and usually occurs when the asset is in a strong uptrend.
Therefore, the Shib price needs a 30-minutes candlestick closing above the falling trendline resistance at $0.000030 in order to validate the bullish formation.
The next upside target for the buyers is seen at the intraday highs.
A sustained break above the latter could call for a test of the pattern target measured at $0.000046.
SHIB/USDT: 30-minutes chart
However, with the Relative Strength Index (RSI) on a steady decline towards the central line, suggests that a pullback could likely be on the cards after the massive expansion.
Sellers, thus, target powerful support at $0.000023, where the falling trendline resistance meets the upward-pointing 21-simple moving average (SMA).
A breach of the last could cause a pattern failure, open floors for a deeper correction towards the mildly bullish 50-SMA at $0.000018.
Read Also: 10 Cryptocurrencies with Strong Buy Ratings
Dogecoin: Sellers remains in control, with more downside likely on the cards
Dogecoin, the so-called Elon Musk’s muse, remains heavily offered on the first trading day of the week.
However, the DOGE price is consolidating the weekend’s 50% sell-off, as sellers bide time before the next downswing.
The meme-based coin, which started as a joke, is down for the third straight day, in a corrective move from all-time highs at $0.7604.
Looking at Dogecoin’s four-chart, the bearish bias remains intact while the price hovers below the ascending 50-SMA at $0.5478.
The horizontal 100-SMA at $0.4239 is expected to offer fierce support, which could help limit the downside.
DOGE/USD: Four-hour chart
Alternatively, if the DOGE buyers find a strong foothold above the 50-SMA on a four-hourly candlestick closing basis, the recovery momentum could build towards the slightly bearish 21-SMA at $0.5944.
The $0.65 round figure could challenge the bullish commitments once the 21-SMA is recaptured.
The record highs will be on the buyers’ radars going forward. The RSI edges lower below the midline, allowing room for more decline. The leading indicator currently stands at 41.01.
Cardano: Downside appears more compelling as technical setup screams sell
Cardano is shedding over 2% so far this Monday, reversing half the rally seen on Sunday.
The ADA price recorded fresh lifetime highs of $1.8927, falling short of the $2 mark. Rejection just shy of the latter recalled the sellers.
As observed on the 12-hour chart, the bulls extended the break higher from the rectangle formation, although they appear to lack follow-through upside bias.
ADA/USD, therefore, took a U-turn, now trading around $1.7315, with eyes set on the bullish 21-SMA at $1.5115.
Further south, the rectangle resistance-turned-support at $1.4770 could come into play, if the selling pressure remains unabated.
Backing the bearish potential is the negative price-RSI divergence, which implies that a reversal to the recent uptrend is on the cards.
ADA/USD: 12-hour chart
On the flip side, the trendline resistance, joining the higher highs since May 6, near $1.89 could be challenged if the bulls fight back control.
At that point, the previous record high aligns. The $2 threshold could be a tough nut to crack should the ADA bulls defy the bearish technical setup.
All in all, the odds for a downswing remains higher, cautioning the optimists heading into the week ahead.
Check Out: Is Cardano Worth Investing?