Bitcoin (BTC) $70,000 Bounce Begins, Shiba Inu (SHIB) Recovery Fails, Cardano (ADA) Still in Uptrend

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Written By Maya Cantina

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Tue, 19/03/2024 – 0:30

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Contents

  • Shiba Inu struggling to regain its top
  • Cardano holding uptrend

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While the cryptocurrency market slowly exits the correction, BTC is showing a promising rebound, SHIB is struggling to recover and ADA is maintaining its overall uptrend. However, there is more to uncover.

Bitcoin appears to be gathering strength for a climb back to the $70,000 mark. The price action recently dipped but found solid ground near the $55,850 level, where the 50-day EMA provided support. This zone is crucial as it has repeatedly acted as a reversal ground for upward movements in the past.

ADAUSDT Chart
Cardano/USDT Chart by TradingView

The resistance for Bitcoin is seen around the $64,000 area. If BTC can surpass this level, we might witness a run toward recent highs near $70,000. On the other hand, if the price slips below the $55,850 support, it could signal a deeper correction, potentially testing the 100-day MA near $51,560.

Shiba Inu struggling to regain its top

Shiba Inu has faced challenges in establishing a solid recovery. After a rise, the price has been on a downtrend. The meme has found immediate support at $0.000025, but it might not hold. A break below this point could see SHIB head down to test $0.000017, which may serve as the next significant support.

Resistance lies near the $0.000029 mark, where SHIB has encountered selling pressure recently. The RSI for SHIB is nearing oversold conditions, suggesting that the selling momentum may be overextended and a reversal could be on the horizon. 

Despite the growth of meme coins on Solana, Shiba Inu has been struggling to show a similar momentum and, as history shows, it rallies only when Ethereum shows itself as a dominant asset. As of today, we are unlikely to see bullish tendencies from either asset.

Cardano holding uptrend

Cardano’s price analysis presents a more optimistic picture. ADA has been in a consistent uptrend, with the 50-day MA at $0.5815 providing a strong base. The price has been achieving higher lows, a bullish sign suggesting that every dip is seen as a buying opportunity by investors.

Current resistance is found near the $0.70 area, which ADA has tested multiple times. A convincing break above this could open the way for further gains. However, if the price falls below the 50-day MA, it could test the 100-day MA at $0.5200 as the next support.

The RSI for ADA remains in a neutral zone, implying that there is room for movement in either direction without the asset being overbought or oversold. The market sentiment for Cardano is largely positive, thanks to the strength the network is showing in the DeFi field and the general market sentiment.

The market as a whole seems to be in a phase of consolidation and selective bullishness. Bitcoin’s potential bounce to $70,000 is building a positive market atmosphere, which may benefit other cryptocurrencies if the sentiment spills over. 

Shiba Inu’s situation contrasts with Bitcoin’s, as it requires a stronger shift in market sentiment to initiate a substantial recovery. Meanwhile, Cardano’s steady uptrend may continue on itself, but without inflows in general, it will not last for long.

While ADA seems to have a solid trend and supportive community that could help maintain its momentum, SHIB requires more than just market sentiment — it needs a volatility catalyst that would attract retail institutions. On the other hand, BTC’s dominance and market cap size mean that its success could have a halo effect, supporting the wider market, including SHIB and ADA.

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