Shiba Inu’s Uptrend and Cardano’s Trading Opportunity: Here’s What SHIB and ADA Technicals Show
In crypto, the meme token Shiba Inu (SHIB) and the blockchain platform Cardano (ADA) are subjects of interest among traders and analysts. Crypto experts have examined the technical analysis and price trends of these two assets,.hiighlighting their price trajectories.
What you'll learn 👉
Shiba Inu: Potential Uptrend Continuation
According to Rekt Capital, a top analyst, Shiba Inu’s retest of a key support level lately was successful. In his analysis, Rekt Capital notes that SHIB’s price history seems to be repeating itself, drawing parallels to the late 2021 scenario.
To continue the uptrend, SHIB needs to break through the blue resistance level, as highlighted by Rekt Capital. He reminds us that in late 2021, SHIB faced a similar challenge, failing to breach the blue resistance on the first attempt.
Consequently, SHIB was forced to retest the orange support level before confirming further upside. Currently, Shiba Inu is in the process of retesting the orange level once again, potentially setting the stage for history to repeat itself.
As of the latest data from CoinMarketCap, Shiba Inu’s price stands at $0.000032, up 4.29% in the last 24 hours.
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Show more +Cardano: Uptrend Intact, Potential Buying Opportunity
Shifting our focus to Cardano (ADA), altFINs, a renowned crypto analysis platform, provides valuable insights. According to their analysis, Cardano’s price remains in an uptrend, despite facing rejection at the $0.80 resistance level on two occasions, forming a double top pattern – a bearish signal.
Source: altFINS – Start using it today
Moreover, altFINs suggests that traders could consider buying ADA near the $0.57 support level, which presents a potential swing trade entry opportunity in the uptrend, with an upside potential of around 15% back to the $0.65-$0.68 range in the near term. They recommend setting a stop-loss level at $0.52.
ADA’s trend is currently neutral on short- and medium-term bases but remains in an uptrend on a long-term basis. Momentum indicators present a mixed picture, with the MACD line below the MACD signal line (bearish) but the RSI hovering around 50 (neutral). However, the rising MACD histogram bars suggest that momentum could be nearing an upswing.
According to CoinMarketCap, Cardano’s price currently stands at $0.651405, up 1.71% in the last 24 hours.
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