Cardano, Dogecoin, Shiba Inu Price Analysis: 12 May

Bitcoinethereumnews 1 month ago Report
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Post the ongoing bloodbath, the global market cap crashed all the way down to the $1.25T-mark at press time. As a result, Cardano, Dogecoin, and Shiba Inu found newer multi-month lows while their 4-hour technicals flashed oversold readings.

To stall the elevated sell-off sentiment, the market needed to protect its HODLers alongside ramping buying volumes to prevent further fallout.

Cardano (ADA)

Source: TradingView, ADA/USDT

After the bears kept finding renewed selling pressure at the 20 EMA (red), ADA extended its slump phase and dropped towards the $0.4-mark baseline. This descent entailed a 55.5% retracement in just the past week.

The 11 May sell-off evoked a series of bearish engulfing candlesticks that pulled ADA down to its 15-month low on 12 May. While the sellers assumed immense control of the existing trend, the bulls still have a long way to tweak the fear sentiment in their favor.

At press time, ADA traded at $0.4161. The RSI has been on a steep downtrend over the last two days. After consistently finding fresher grounds, the index dropped to its record low at press time. But with the CMF toward the -30 level, the buyers had to ramp up the buying volumes substantially to alter the broader outlook. Nevertheless, its recent troughs revealed a bullish divergence with the price action.

Dogecoin (DOGE)

Source: TradingView, DOGE/USD

In the wake of the continued market-wide sell-off, the sellers provoked a strong pull on the chart since DOGE’s rectangle bottom (white) broke. The meme coin saw a nearly 45% drop in the last three days as it fell toward its 13-month lows at press time.

Quite easily, this rally pulled the alt way below its southbound EMA ribbons. The $0.8-resistance is critical for the bulls to conquer and challenge the bonds of its EMA ribbons.

At press time, DOGE traded at $0.0732. The RSI took a turn after testing the 42-mark and headed back into the oversold region. A bounce back from the 13-14 range support could stall the current aggravated sell-off situation. Further, the MACD lines reiterated the strong selling momentum while refusing to ditch its south-looking journey. 

Shiba Inu (SHIB)

Source: TradingView, SHIB/USD

Kindly note that SHIB price is multiplied by 1000, for brevity.

On its downswing from the $0.0249, SHIB sellers have visibly been on the front foot while steering the meme coin toward the $0.00872-mark. Over the last week, the meme token saw an over 60% loss. This fall kept stretching the limits of the lower band of the Bollinger Bands as the liquidations aggravate.

At press time, SHIB traded at $0.01064. Similar to its peer alts, the RSI kept sailing deep within the oversold region. After higher troughs over the last two days, the index undertook a bullish divergence with price.


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