New predictions have arrived for two popular cryptocurrencies, Shiba Inu (SHIB) and Cardano (ADA). Tony M. shared his expectations for SHIB, while analyst Akash Girimath cites what’s next for ADA. It is worth noting that both are geared towards decline. Here are the details…
What’s next for the Shiba Inu (SHIB) fall?
cryptocoin.com As we reported, the Shiba Inu price dropped 8 percent during the month. SHIB was rejected from a key moving average prior to the drop. A rise above $0.000001090 could point to $0.0001120. But overall the Shiba Inu price is witnessing significant bearish pressure, according to Tony M. Shiba Inu price is trading in a sustained slide that finally broke the $0.00001000 level. The bears took a steep dip to open the second trading week of October. On Sunday, October 9, the bears produced a rejection from the 21-day simple moving average.
According to the analyst, the Relative Strength Index is oversold while the volume profile indicator of the current downtrend is declining. The indicator marks a bounce just before the bears continue to flex their strength. Still, the overall decline is pretty steep. If market conditions persist, a breach of the $0.00000970 low will occur. Overall, the analyst states that as long as $0.00001090, it remains in a downtrend. But he says that $0.00001120 marks a 5 percent increase in SHIB price.
Downtrend triggered in Cardano
On the other hand, Cardano price cut the bottom of the descending triangle at $0.400, according to analyst Akash Girimath. Thus, it triggered the downtrend. Also, this formation risks bringing the ADA down to levels it last saw in January 2021. ADA recorded levels of $0.241 in the first month of 2021. If it goes down to such a level, ADA will depreciate up to 40 percent from its current price. On the other hand, a daily candlestick above $0.482 will create a higher top. Therefore, according to the analyst, the decline will invalidate the thesis.
There is a “lack of willing buyers” in the Cardano price in general. This, in turn, pushes the coin below key support and triggers a bearish market structure. If ADA fails to break above the horizontal support at $0.400, it will continue to break down. Therefore, traders need to pay close attention to the daily candlestick that closes on October 11. Additionally, the Bitcoin price also looks set for another drop that could help the ADA bears reach their targets faster. Investors interested in the price could short the $0.400 retested level. They can wait for a confirmation via the daily candle close.
On the other hand, buyers step in at this point and it could produce a daily candlestick above it, triggering a minor recovery above the $0.400 barrier. According to the analyst, this indicates a resurgence of the bulls. If this development forces Cardano price to produce higher above $0.482, the bearish thesis for ADA will be invalidated. This would potentially trigger an extension of the rally to $0.504.
